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..I Googled and found out that if your taxable income is below a certain level (I think it was $60 thousand something), long-term capital gains and dividends are not taxed for 2008 through next year!

I have a relative that in 2009 is unemployed and will have very low earned income. However she is closing on a home sale in 2009 and will have over the $250,000 capital gain on the sale. Does that mean that the amount over the $250K will be fed gain free?

Would appreciate a PUB reference to the quoted statement.

Thanks as usual.
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