Home sellers keep profits, avoid taxes

Part 4: Tax advice for homeowners

(This is Part 4 of a five-part series.)

"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.