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Well, between the article from turbotax and my reading of the bill itself, I'd say you've got it about right.

A couple of things to watch: This applies only to your principal residence. So no second or vacation homes and no investment properties. And the non-taxable amount also reduces your basis in the house. So if you do some kind of debt restructuring that lets you keep the house, you may get hit with the taxable income later.

My partner is at a tax update seminar today. I'll see if he brings back some additional information on this bill (and the AMT bill as well.)

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