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Private & Independent Schools
Reply to "FA shouldn't go to people with 1 million dollar houses"
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[quote=Anonymous]Your understanding of section 121 of the Internal Revenue Code is quite outdated. The law was changed and there is no once-in-a-life-time restriction. From the IRS website (quote from IRS press release): IR-2002-142, Dec. 23, 2002 "WASHINGTON – The Internal Revenue Service today issued guidance in the form of both final and temporary regulations related to excluding gain on the sale of a principal residence. A 1997 law substituted an exclusion of up to $250,000 ($500,000 for a married couple filing jointly) for the old “replacement residence” rules. Unlike a previous once-in-a-lifetime exclusion for senior citizens, the new exclusion may be claimed repeatedly, but usually only once every two years." So the PP who did the math - all that math is totally off. And, in fact, even if there is only $170 left - well, for 1 child that takes you through 4-5 years of private school tuition, without taking financial aid away from those who do need it. [/quote]
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