(This is Part 4 of a five-part series. Read Part 1, "IRS debunks common tax myths"; Part 2, "Homeowners get good tax news for 2007"; Part 3, "How to deduct mortgage interest, points on taxes"; and Part 5, "Understanding Starker exchange rules.") "The taxpayer: that's someone who works for the federal government but doesn't have to take a civil service examination." --Ronald Reagan Q: How can I make a profit of $500,000 and not have to pay a penny in capital gains tax? A: Buy a house with your spouse, live in it for at least two years, and file a joint return. Of course, the house has to increase significantly in value. This is perhaps the most significant tax benefit currently available for homeowners. With the enactment of the Taxpa...
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