In response to:

Will You Have to Pay Capital Gains Taxes on the Sale of Your Home?

Ken2523 Wrote: Feb 21, 2013 12:30 PM
The capital gains tax is one of the most unfair taxes our government levies on us as it taxes a "profit" that is actually just an inflated gain. The government debases our currency then has the nerve to tax us on the gain we made in inflated dollars. I left the country for 20 years and rented out my house intending to live it again one day. As it turns out, when I returned I had a job elsewhere so couldn't move back to my old house. I wasn't doing that well renting the house and was tried of being a landlord with the headaches involved so finally sold it last year. I bought the house in 1982 and made a huge "gain" which really amounts to nothing as the selling price was about the same if inflation is taken into account.

Dear Carrie,

Two and a half years ago, my husband and I moved from a home we had owned and lived in for 10 years. At that time, we bought a new house and have been renting out the old one. Will we have to pay capital gains if we sell the old house? --A Reader


Dear Reader, Great question -- and good you're asking it now. That's because, while there are generous exclusions allowed when it comes to capital gains on the sale of a home, timing is crucial, and the clock is...