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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121144  
Subject: Re: Home Improvement Deductions Date: 2/8/2005 12:53 AM
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The current Section 121 tax exclusion on the gain of the sale of a personal residence is $250,000 for singles and $500,000 for married filing jointly.

and as soon as everyone throws the receipts away the law will change allowing no exclusion!!!

Also, we bought our house in 1983 for 48,000 during that time I had no idea the value had increased to roughly 300,000+. (what other similar houses in the area are selling for. Time and inflation can get away from you! It doesn't hurt to keep the receipts for capital improvements to your home.

On the same note....it's our house...but if I should die before the house is sold, does that mean my husband would only get the '$250,000 exclusion, since then he would be single? (Note: This is assuming he doesn't remarry, of course).

Jean
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