Dick Palmer, Englewood Colorado Realtor;
Taxpayer Relief Act of 1997
Effective May 6, 1997
Homeowners of any age may take capital gains of $ 250,000 for a single person and $ 500,000 for a married couple in the sale of a home.
Some of the rules are:
A. You must have owned the property for at least two years.
B. You must have occupied the property as a principal residence for at least an aggregate of two years in the last five years before the sale.
There are other qualifying factors involved and your tax accountant or attorney can explain them to you.