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The Taxpayer Relief Act 1997 allows the homeowner to profit without paying tax on the sale of the property. The single homeowners are allow to profit up to 0,000 without paying tax, while the married homeowners are allow to profit up to 0,000 without paying tax.

Before May 7, 1997, the only way not to pay tax on capital gains is to use the capital gains to acquire another property. These homeowner tax breaks come as a surprise and relief for many homeowners. Now, the capital gains are tax exempt as long the sale comes after the law took affect.

There is no limit of the use of the Capital Gains Exclusion. The homeowners are able to avail as many times as possible.

However, the sold home must be a principal residence. That means the homeowner must have live at least two of five years on the sold home. It does not have to be sequence as long as the total comes over two years.

For any rental property, it can easily convert into principal residence. Suppose the homeowner decides to live on the rental property, the homeowner needs to stay at least two years on the rental property.

The home property does not have to be principal residence at the time of sale. So, the homeowner can rent out the property a few months before the sale of home property.

The married homeowner does not have to live on the same time. For example, the bride got married after a year and three month of living on the home. In nine months, the married homeowners can be tax exempted from capital gains.

Additionally, one of the married homeowner did not use the Capital Gains Exclusion within two years of sale. For example, the bride sold her home to live with groom. The bride used the capital gains exclusion. So, the bride and groom can only use the Capital Gains Exclusion after two years.

For special reasons, the homeowner can prorate the capital gains exclusion on health, employment, and unforeseen circumstances. For example, a heart attack may force a homeowner to sell before two years. Suppose the homeowner lived for twelve months, the homeowner is tax exempted for twelve / twenty four months portion of capital gains.

A great job offer comes along. The homeowner needs to move. For the homeowner to move, the homeowner needs to sell the home. The homeowner can also prorate the capital gains.

The unforeseen circumstances are national disaster, war, terrorism, death, divorce, separation, and multiple births.

The capital improvements increases the home values. As the home values increase, the capital gains also increase. You may worry how much tax that you have to pay. The Capital Gains Exclusion may well save you taxes. For the latest tax laws, you may want to get in touch with IRS, or tax advisors.

About the Author: Dennis Estrada is a webmaster of mortgage calculators and mortgage dictionary website that gives access to many resources, and calculators for mortgage.