Practical Perspectives: Key financial issues for you and your family – Moving in on tax breaks when selling a home

Description

Abstract: This issue’s “Practical Perspectives” discusses the desire of “Nathan and Chloe” to move to a larger home, but only after they consult a tax advisor. Their advisor explained the circumstances in which they might need to report their taxable gain — or, if they incurred a loss instead, whether that should play a role in the timing of their move.