DEAR BOB: I own a home in Florida, which is my legal "main home" residence. I spend about six months every year in that home and about six months in my other home. If I sell the Florida home, I assume I will have no capital gains tax because it is my primary residence. Can I then move to my other home, making it my principal residence for 24 out of the last 60 months and claim the home-sale tax exemption again? – Jim B. DEAR JIM: Yes. It seems you understand Internal Revenue Code 121 very well. The IRC 121 exemption can be used once every 24 months. To qualify, you must own and occupy your principal residence at least 24 of the 60 months before its sale. Purchase Bob Bruss reports online. If you are single, up to $250,000 of your capital gains from the home sale will be tax-free. If you are married and both spouses meet the occupancy test (only one spouse need be on the title), then up to $500,000 of your capital gains are tax-free if you file a joint tax return in the year of t...
by Amber Taufen | Apr 26
by Gill South | Apr 24
by Gill South | Apr 27
by Marian McPherson | Apr 21
by Amber Taufen | Today 3:00 A.M.