Posted by Terry L. Trimble on July 10, 2003 at 01:09:53:
Sean, you’re thinking of the old capital gains rules that applied to personal residence sales. A few years ago, Congress changed the rules so that so long as you have lived in your residence for 2 of the 5 years before the day of sale, you pay no capital gains tax on the first $250,000 of gain, or $500,000 if you and a spouse owned the property together. So unless you’ve struck gold with your sale, you should have no federal income tax at all on your gain.
Terry L. Trimble
Law Offices of Terry L. Trimble, LLC