Don't forget about the $500,000 exemption

Here's a good article as a reminder not to forget about your $500,000 tax exemption (married couples and $250,000 for single people) when selling your house. Enacted 8 years ago, you may have forgotten.

Here's an excerpt from the article- by Walter Updegrave
But here's the deal in a nutshell: A married couple that sells their primary residence can rake in a profit of up to $500,000 without having to pay income tax on the gain, while singles can shelter up to $250,000 from taxes. Read the entire article by clicking on the link.


http://money.cnn.com/2005/01/14/pf/expert/ask_expert/index.htm