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Rikey stated:
> Now Uncle Sam says I can sell this house and not pay any tax on
> $500,000. You can do it one time only.
That's not true. You can do it over and over again - up to once every 24 months.
> Most of us have 500K plus homes, ....
If you have a house worth $500k then you don't have $500k worth of gain
that you're looking to avoid tax on.
You also make it sound like it's an extreme hardship that someone who, say
bought a house in CA for $200k then later sells it for $900k has to pay the tax on the gain in excess of $500k.
That sounds like a problem and a tax bill that most people would like to have.
For the mathematically challenged, that's a tax on the $200k excess or about $40k on a total gain of $700k.
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