If you have lived in a home as your primary residence for two out of the five years preceding the home's sale, the IRS lets you exempt $250,000 in profit, or $500,000 if married and filing jointly, from capital gains taxes.

We understand there is a limitation on how long you are required to live in the property to keep your homestead exemption.

Your other assets are mostly in creditor protected entities, such as retirement accounts, personal residential homestead; and what’s not is heavily mortgaged, or exempt by Federal bankruptcy law.

Because a Form D must be filed with the SEC within fifteen (15) days of a “sale” of a federally exempt security.

If the previous owners have the exemption the tax will jump to $4000 the next year.       

Provide the buyer the county planning contacts, keep a copy of the job card.I believe the issue is that most permitting agencies place a 1 year deed restriction against selling as part of an “owner builder permit”….so as to keep non actual owner occupants from using the owner occupant exemption to do flips and such.

Beside the use of a single asset entity as noted above, the basics available to all are that your retirement funds are exempt from creditor attachment either through Federal or state law; annuities and insurance is exempt in Texas, Florida and a number of other states, as well as homestead exemptions.

These are the exceptions of rent control:Exemptions to Rent ControlDwelling units expressly exempt from rent control per state or federal law.Dwelling units occupied after February 1, 1995.Single-family homes, condominiums and townhomes.Subdivided interest in a subdivision.Government subsidized dwelling units.

Just wondering if newly weds can still qualify for the exemption and if my wife not being a citizen will hinder any capital gains tax exemption qualifications.

AG exempt land has very low carrying cost.