The recently passed housing stimulus bill includes new, more strict guidelines when it comes to capital gains taxes.  The new guidelines go into effect January 1, 2009 and apply in situations in whio owns a second home sells their principle residence and moves into the second home to use it as their principle residence.  When the former second home is sold, some portion of the gain may be taxable.

I recommend seeking the advise of a tax consultant in this situation.

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