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by CareyBot

DEAR BOB: I've read several articles you wrote in 2001 and 2002 about the Internal Revenue Code 121 $250,000 principal residence sale tax exemption (up to $500,000 for a married couple filing jointly). Is that tax law still in effect? My husband and I spend six months each year in our Florida home and six months annually in our other home, which we recently sold. We filed a Florida homestead to save on property taxes. Our accountant said that because tax-law changes occur all the time, we should check to see if we qualify for the IRC 121 tax exemption. Since we meet the "aggregate" two-out-of-last-five-years ownership and occupancy tests for the home we sold, do we qualify for the $500,000 exemption? – Joan H. DEAR JOAN: I am shocked your accountant didn't know the answer to your fir...