I am in the process of selling my residence in order to relocate to a different state. Fortunately I was able to sell my house for 24% more than what I paid for it nearly 2 years ago.

What made me sick was the prospect of paying Capital Gains taxes next year. The problem seemed to increase when the buyer requested a $3,000 increase to the purchasing price if I agreed to pay $3,000 in closing costs (basically allowing them to finance the closing costs). While I wasn't opposed to the idea, I wanted to verify that I wouldn't have to pay taxes on the increase.

I called a CPA friend of mine to question the issue. She informed me that, thanks to the political party currently in office, Capital Gains tax is no more. I hear alot of gripes about the Republicans on these boards, but I will be singing their praises next year come tax time. I'd venture to say that you will too when it comes time to sell your residence.