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Author: gapfan Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: Re: Taxpayer Relief Act of 1997 Date: 8/15/1998 2:40 PM
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<<<Since this was your personal residence for the last 5 years, and it appears that you sold it in 1998, then you can defer $500,000 of gain on your residence. That is the figure for married couples filing jointly. The deferral amount for singles is $250,000. ( Be sure to file the proper forms with your tax return next April.) You will have to own your current house for 2 years before you can do the same thing again--that is, avoid paying capital gains on the sale of your home. Congratulations on your new home.>>>

Wait for further clarification on this from others. My understanding is that it is not a tax deferral but simply tax free. I also don't believe there are any forms to be filed with the tax forms. Also, the requirement is that it be your primary RESIDENCE for 2 of the last 5 years. You can probably find more information in the tax FAQs at this site.

gapfan :-)
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