The proceeds from the sale of a home that is net of mortgages, liens and other selling expenses. Under the Taxpayer Relief Act of 1997 home sale profits of up to $500,000 ($250,000 for single taxpayers) are exempt from capital gains taxes regardless of whether a replacement home is purchased.
Related information about home sale profit:
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Jul 11, 2012 ... That day the Taxpayer Relief Act of 1997 became law and home sale profit rollover or once-in-a-lifetime exclusion options were replaced with a ...