If you are referring to the capital gains tax exemption for the sale if a primary residence, the way the tax laws are right now, a married couple gets a $500,000 exemption off capital gains if they are selling their primary residence. A single individual will get a $250,000 exemption. In order to qualify for the exemption, the property must have been your primary residence for at least 2 of the past five years. Based on that, you can claim the exemption every two years.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783