I listed my house for sale this week (yes, you can expect lots of home-related posts in the next few weeks). While we expect to benefit from a boost in the market since the time we bought our house, we aren’t going to make the kinds of crazy profits that you’ve been hearing about in the press. But, it does lead to an interesting question… Current tax law allows you to exclude up to $250,000 ($500,000 if married filing jointly) of gain on the sale of your main home so long as you meet certain residency requirements. Is that enough?
Today’s Fix the Tax Code Friday question is:
Should there be any limit on the amount of gain excluded from the sale of a main home? If so, what should the limit be?
