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#9
September 5th 06, 02:32 PM
posted to rec.aviation.homebuilt
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Tax consequences of selling a homebuilt.
Ron Natalie wrote: In the US you owe capital gains on your residence, but there is an exclusion of $250,000 if it is your principle residence for 2 out of the last 5 years. There's no such exclusion for most anything else/ IIRC the exclusion for your principle residence is $250K per person, so if you are married filing jointly you can take a $500K capital gains exclusion on the sale of your principle residence. Don W. 
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