Posted by M.P.Graham on July 10, 2003 at 04:28:01:
As far as I know, the IRS does not give tax breaks to for-profit organization. If you have not yet sold the property and you are able to prove that this was/is your primary residence for (check the specifics with your CPA or other tax professional) a specified amount of years and you lived there for a specified amount of months during this time. You could sell the property and have a gain of up to 250K single 500K married.
This information escapes at the moment, as I am not constantly using this information. You should definitely consult an attorney, tax professional, accountant, &/or CPA for more accurate advice.