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by CareyBot

DEAR BOB: I really related to that movie, "The 40-Year-Old Virgin," as I was 36 years old when I got married in May (although I was not a virgin). My wife moved into my home, which I wisely bought when I was just 24 (and still a virgin). She wants a larger house and I agree my "bachelor pad" cottage is too small for us to have a family. But my nice problem is if I sell my house, the profit will be around $300,000. Since we will be filing a joint income-tax return in 2005, can we claim a $250,000 or $500,000 home-sale tax exemption? – Gerry H. DEAR GERRY: Unless your wife has occupied your home as her principal residence at least 24 months before its sale, Internal Revenue Code 121 says you only qualify for one $250,000 principal residence sale tax exemption. Purchase Bob Bruss repor...