In addition to the change in FHA down-payment assistance hitting buyers, many sellers also will feel the pain due to the new 2008 housing act. There’s a new formula for calculating the amount of capital gains exclusion on home sales discussed at Dan Green’s The Mortgage Report.
If you lived in your home less than 5 years and are planning to sell in the near future, you may want to consider doing so in 2008 to get maximum capital gains benefit. As noted in Dan’s article, you should consult with a professional tax adviser to review how this change may apply to your situation.
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