John Bullis

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February 12, 2013
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John Bullis: 'Sweat equity' and family changes generate taxable income exclusions

The present income tax rules on sale of your principal personal residence are favorable. If you occupied and owned a home for at least two of the five years before sale, the gain (profit) is excluded from taxable income, subject to some limits.

For a single person, up to $250,000 of the gain can be excluded from income (and from self-employment, FICA and Medicare taxes). For a joint return, up to $500,000 of gain is not taxable.

It can be done over and over. If you bought a home and, while living in it for a little more than two …

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The Nevada Appeal Updated Feb 12, 2013 04:43AM Published Feb 12, 2013 04:41AM Copyright 2013 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.