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Do You Know About the Taxpayer Relief Act of 1997 When Selling?
 
Do You Know About the Taxpayer Relief Act of 1997 When Selling Your Home?
 
I was recently at a listing appointment with an older gentleman whose wife had passed not too long ago.  The home was just too big for him and it was time for him to move on.  He bought the home in the 1980’s and had since paid it off. 
 
As we were chatting, he was concerned about the capital gains he would be faced with when he sold his home.  I told him that he should qualify for the Taxpayer Relief Act of 1997.  Funny – he knew nothing of it. 
 
I explained that the Relief Act allows sellers to sell their property as long as they have lived there for 2 of the last 5 years and take advantage of this tax relief.  For single individuals, they can realize up to $250,000 in capital gains TAX FREE.  For married couples, it is $500,000. 
 
There is no requirement to roll these proceeds over to a replacement home, so a seller can take this money and go on a cruise around the world if they so desire. 
 
Additionally, ... more

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