That One-Time Rule

Expert, localized Los Angeles answers provided by Heather Roy

That One-Time Rule
	Dear Ms. Lank: I would like to know if the law concerning a one-time sale of your home where any profit you make is not affected is still active.I read about a homeseller tax break and I would like to know what that is, if the above law mentioned is no longer in effect.

	There's no longer any one-time limit or age requirement for the homesellers tax break. If you've owned and occupied the house as your main residence for at least two years during the five years before the sale, you can take up to $250,000 profit free of federal capital gains tax (twice that for a married couple filing jointly.) The exclusion can be used again on the sale of a future home, as often as every two years.
	Edith Originally published on April 11, 2005

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