mactoolsix

As I understand it . . . . Beginning 2008, the computation for the gain on the sale of a private residence has changed to a percentage method for those that did not use the home as their main home after 2008. Suppose a married couple filing a joint tax return purchases an investment property after January 1, 2009 and rents it for seven years. They then convert it into a primary residence for three years before selling it. In this situation, only 30% (3/10 years) of the gain would be eligible for the $500,000 exclusion and 70% 7/10 years) of the gain would be subject to tax. Before 2009, it would have qualified for the total $500,000 exclusion. This law is not retroactive so the period prior to 2009 is ignored. Hope that helps, Mike

Kea, Thank god your test came back OK!!! Let me relate our story to you. My wife & I retired about 3 years ago - I ran a small corportation for about 30 years, which paid all our medical. Retirement wake up - health insurance!! My wife has fought weight problems for years, so we ended up with separate policys. Her premium was thru the roof and climbing fast. One day she decided to sign up for boot camp, got a personal trainer & a nutritionist. A year later she has lost over 50 lbs, and dropped over $2,000 off her annual premiums. Best thing is she feels great, and for the first time in years can enjoy shopping for clothes. The best deal we found was thru a small business group Mega Health. We both have HSA policies - luckily we are in good condition with little need for doctors. Her drop in premiums almost pays for the physical training. When you finally get everything in order, do yourself a favor and consider taking a professional apporach to weight control - you'll both appreciate life a whole lot more! Best of luck. Mike