Sell your home and pay no taxes!

With all of your other expenses, why give your profit to Uncle Sam? There is a way to exclude that profit from your taxable income.

According to Section 121 of the Internal Revenue Code entitled "Exclusion of Gain from Sales of Principal Residence," your gross income might not include the gain from the sale of property if it was used as your principal residence for at least 2 of the last 5 years.

The tax-exempt profit is limited to $250,000 for a single person and $500,000 for a married couple. This is not a one-time exclusion. You might qualify every two years if you move frequently.

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For advice on legal matters please contact your attorney. This information was prepared in collaboration with Kahn & Kahn Attorneys at Law.