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You could live in it until both of you die. Then all of your gain will escape income tax (but if you do that well you might be raising estate tax issues instead). Maybe consider yourself lucky to have bought such a good asset?

This is a function of location although I do highly recommend buying the cheapest house in a neighborhood with a high number at the other end of the range.

Thanks for the response ! One followup question - we are hovering around 50 - him above and me below. If we don't both die by 2010(and we have no plans to do that), do we need to fully review the estate planning then ? Do you have a good reference link for the stepped up basis issue and the "current" estate tax laws ?

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