Your home may not always be your “castle,” but if it is your principal residence, there is one very significant tax benefit when you decide to sell. In general, if you file a joint tax return with your spouse, you can exclude up to $500,000 of your profit ($250,000 if you file a separate return).
Two real estate tax benefits -- the "roll-over" and the "once in a lifetime" -- are no longer with us. However, their memory will linger on, at least for some taxpayers who have made a lot of profit over the years and who were buying and selling their homes prior to l997.
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