If you have lived in the homestead portion of the farm for 2 out of the 5 years previous to sale then you get to take the first $250K ($500K if married) in profit tax free.  

The home resale value is 300,000 + ...Do I marry for the additional "deduction" benefit?

Who is responsible for real estate taxes between the time of the sheriff's sale and the end of the 6 month redemption period?

Immediate effect on some investors will be the 100,000$ itemization cap for single fliers (200k for married.

Keep in mind that there is a rule which allows you to exclude $250k for a single person or $500k for a married couple from your Capital Gains when you sell the house.

The first deal has turned out to be pretty good so far, although it took a while to get it to where the money coming in wasn't going right back out to things like the initial property tax payment, and so on.  

@Chance CooperIt is not uncommon for your primary residence to receive discounted property taxes (often referred to as a "homestead" discount/rebate/rate/exemption) - in some places it s different rate; others a portion of the tax is either not levied on owner-occupied property or is refunded to the tax-payer.  

We got married last May and are in our early 20s. 

I'm guessing that because the couple file taxes as married/filing jointly, more red flags would pop up in the IRS system than you could shake a stick at.Seriously, I have no interest in scamming the IRS.

If it was your primary residence two of the last five years you can defer 250K if single or 500K if married.