marotta
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| Avoid Capital Gains Tax on the Sale of Your Home (2006-07-10 |
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Avoid Capital Gains Tax on the Sale of Your Home (2006-07-10)
by David John Marotta
If you own a home you are likely aware of the tax benefits such as deducting your mortgage interest and property taxes. However, you may not be aware of the tax-free earnings you can take after you sell your home. Under the Taxpayers Relief Act of 1997, capital gains generated from the sale of a primary residence are tax-free. Individuals pay no taxes on profits up to $250,000. And, couples are allowed to combine their tax credit and exclude up to twice the amount from a home sale.
Read the complete column at http://www.emarotta.com/article.php?ID=186
David John Marotta
Marotta Asset Management, Inc.
Fee-only Financial Planning
http://www.emarotta.com
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