As emphasized before, your first "investment property" should be your home. One of the major reasons is that owner-occupied residences are the easiest to finance. Another big benefit is your capital gain resale profit will be tax-free up to $250,000 (up to $500,000 for a married couple filing jointly in the year of home sale). Internal Revenue Code 121 requires principal residence owner-occupancy for any 24 of the 60 months before selling for tax-free profits up to the limits. Purchase Bob Bruss reports online. You can use IRC 121 over and over again without limit, but not more frequently than every 24 months. If you are willing to live in your home while it is being renovated to increase its market value, you can earn up to $250,000 (up to $500,000 if you're married) tax-free every 24 mo...
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