DEAR BOB: I am 84 and in excellent mental health. Everyone says I'm "sharp as a tack." But my body is declining. For the last two and a half years I have lived in a beautiful assisted-living center. Thankfully, my son insisted I move here (practically dragging me) and I am very happy with the superb care I receive. The only problem is my house. When I moved out, my son rented it to a lovely young couple. Their rent pays most of my bills. They visit me every month or so to beg to be allowed to buy my house. Last month, they brought their brand-new baby girl to visit, too. But my son says if I sell my house to them, I will have a huge capital gain tax to pay. He says because I no longer live in the house, I cannot qualify for that $250,000 home-sale tax exemption you often discuss. Is that true? – Naomi R. DEAR NAOMI: No. Your son sounds like a wonderful person. But he is mistaken about Internal Revenue Code 121, which entitles you to a principal-residence-sale tax exemption up to...
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