EXCLUSION OF GAIN ON RESIDENCE SALE - Posted by J (CA)

Posted by Scott (ATL) on May 04, 2000 at 17:40:14:

Here is a site that give a pretty good definition http://www.illinois-attorney.com/lp6.htm There are links to the exact law as well.

Your realtor with “over 20 years experience” may not be keeping up with the changes or just didn’t understand your question. Your statement is correct.

EXCLUSION OF GAIN ON RESIDENCE SALE - Posted by J (CA)

Posted by J (CA) on May 04, 2000 at 17:33:22:

Anyone here have experience with the Capital gains exemption for the sale of one’s principal residence.

I thought that as of 1997, anyone, regardless of age, selling a home that was their principal residence for at least 2 of the last 5 years may exclude $250,000 ($500,000 for married couples) of the profit.

A couple of RE Brokers with “over 20 years experience” said they knew of no such exemption…

Am I misinformed here, or are they just playing dumb?

Thanks,
J

Re: EXCLUSION OF GAIN ON RESIDENCE SALE - Posted by Bud Branstetter

Posted by Bud Branstetter on May 05, 2000 at 12:26:22:

You don’t ask a mechanic about your health problems. Only those of your car. The brokers should have been better informed and their qualifications can be called into question. There are provisions to prorate the time if it is not two years. There is even an exclusion if your job transfers you.