[NeoCaveman]

do you know what Canadians would give to have that little benefit????!!!!! but then again we don't pay capital gains tax when we sell our principal residence, what's the score for you Yanks......

We don't have to pay capital gains on the first $250,000 ($500,000 per couple) of appreciation if the house was your principal place residence for atleast 2 years.

[zippee]

Abortion, euthenasia, socialized medicine, don't Democrats just kill you.....)

LOVE your tag line....lol...

[llama hunter]

thanks dubya, that's is a good deal unless your property increased more than $250,000 in value which most folks probably not, though my dad is a builder and some of the same people are living in the same houses they bought from him in 1960 for $5,000 dollars and you know their house has appreciated at least $250,000 over 55 years......

[speekinout]

dubya, you forgot to mention that the taxes on the excess profit (over $250,000 single/$500,000) married is taxed at the long term capital gains rate. That is 15%. Much cheaper than taxes on income for most of us.

And we can sell one house at that profit, and buy another and get the same profit again after as little as 3 years. Although anyone who is counting on getting that kind of profit in 3 years is probably delusional.