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Article: Capital gains pains.(Ask B.E.)(taxation of capital gains on home sale)(Brief Article)
- Article from:
- Black Enterprise
- Article date:
- October 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 Earl G. Graves Publishing Co., Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Q My husband and I are moving from New York to Pennsylvania and I must sell my home. Because of the jump in real estate prices, I've realized a nice return on my investment and I'm worried about paying huge capital gains taxes. Is there anything I can do to lower or avoid paying them?
S. Boyce
New York
A The good news is that, due to the Taxpayer Relief Act of 1997, it is quite possible that you may not owe any capital gains taxes at all from the sale of your home. Since May 1997, homeowners selling their home have been allowed to exclude any capital gains tax, provided they meet the following requirements:
* The property must have ...