Homestead Exemption Law

[Jeremy Clarke]

I'm looking for someone who can clarify the homestead exemption act for me. As i understand it today, I can sell a house that I've lived in 2 of the last 5 years and not pay capital gains tax on that. So I did that, last September. I own another house that i will have lived in for 2 years this next upcoming September. What i'm trying to understand is, how often can i take advantage of this exemption? So if it will have been a year since i sold the last property, can i take the exemption again this upcoming September or do i have to wait longer? If so, how long do i need to wait?

[Wayne Brooks]

You can only do it once every two years.