tax loophole slamms shut: The Trap Door Springs (AKA: Bye, Bye Tax Loophole!)
- 08/18/08 01:39 PM
On several occasions I have written about how some of my clients have amassed a tidy retirement fund by moving into rental properties they owned, living there at least 2 years to establish those homes as their own personal residences, and then selling them and keeping $250,000 of their profit for a single person or $500,000 for a married couple, tax free, as long as they living in the home at least 2 of the 5 years immediately preceding the sale. I have clients who have done this as many as 4 times, thus accumulating $2 million, tax free, towards their … (0 comments)
On several occasions I have written about how some of my clients have amassed a tidy retirement fund by moving into rental properties they owned, living there at least 2 years to establish those homes as their own personal residences, and then selling them and keeping $250,000 of their profit for a single person or $500,000 for a married couple, tax free, as long as they living in the home at least 2 of the 5 years immediately preceding the sale. I have clients who have done this as many as 4 times, thus accumulating $2 million, tax free, towards their … (0 comments)
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