The Hidden Tax Traps in the Housing-Rescue Bill

[Dee Dee]

http://finance.yahoo.com/loans/article/105473/The-Hidden-Tax-Traps-in-the-Housing-Rescue-Bill

This was a bit of a surprise:

3. Vacation-Home Hit
We've been taking for granted that lovely $250,000 ($500,000 for couples filing jointly) personal residence capital-gains-tax exclusion for about a decade. Savvy taxpayers have played hopscotch, moving from home to vacation home to the next home, etc. and avoiding income taxes on the sale of each one. That free ride is at an end.