Tax free money
If you are a homeowner, you can sell your primary residence, make a profit of up to $250,000 if you are single, double that if you are married, and not have to pay any taxes on that gain. There is no limit to how many times you can do this, providing that each sale is two years apart.
As with all good news, there is the fine print: some restrictions apply. Those exceptions has to do with converting rental property into your primary residence. We will discuss that another time.
In today’s rising house values, this IRS rule allows the empty-nester to pocket their gain, use the money to buy an RV and travel the world. You do not have to buy a replacement property (unless you want to).
What are you waiting for? Start looking at travel brochures, and call me to sell your house!