Posted by William L. Exeter on September 14, 2003 at 18:11:29:
Are you referring to your primary residence or investment/income property.
If you are referring to your primary residence, you can take advantage of Section 121 of the Internal Revenue Code if you have lived in your primary residence for at least 24 months out of the last 60 months. You can exclude up to $250,000 (if single) and $500,000 (if married and filing jointly) in capital gains from your income on the sale of your primary residence if you qualify.
If you are referring to investment/income property, then you can utilize Section 1031 of the IRC.
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