real estate sales-taxable earnings

What is the name of your state? California.

There is a 1997 law that allows a couple to earn up to $500,000 for a real estate sales without being taxed for such profits. Does this pertain only to Owner Occupied properties or also, Income property...How can they apply this benefit to an Income property that they need to sell?

[HomeGuru]

Originally posted by marthakings
What is the name of your state? California.

There is a 1997 law that allows a couple to earn up to $500,000 for a real estate sales without being taxed for such profits. Does this pertain only to Owner Occupied properties or also, Income property...How can they apply this benefit to an Income property that they need to sell?

**A: please post on the Tax Law forum.