A friend of mine mentioned this weekend that there was some change going on in Congress concerning taxation of realized capital gains on primary residences. He seemed to think that the $500k exclusionary amount was being eliminated. Anyone know anything about that?
i spend 4 hours/week listening to a tax attorney blather away and he has't mentioned it. i find it highly doubtful.
Ok, apparently it has to do with selling two homes (that are owned at the same time) within the five year period. Yahoo fairmark.com/forum/read.php?3,20881 www.taxinfoblog.com/2007/09/rangel-marks-up.html
wow, this is crazy to me. i have a friend who is in the process of doing this right now! thanks for the alert, i will make sure he knows about the possible change...
