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There are numerous tax advantages to home ownership. One of the advantages is the included in the Taxpayer's Relief Act of 1997. Previously the Tax Code allowed for a once-in-a-lifetime capital gain exclusion. The Taxpayer's Relief Act of 1997 changed that rule to benefit homeowners who have accumulated equity in there homes and wish to move to either a larger or smaller home. Unlike the previous rules, there is no age requirement to qualify. However, this is great news for seniors who are considering downsizing or trading using their equity to buy a smaller home and a second home.
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