Limit on Exclusion of Gain On Sale of Main Home

Here’s another thing to keep in mind if you are paying 2009 estimated taxes and the sale of your main home is part of your current financial situation. According to the IRS:

Generally, gain from the sale of your main home is no longer excludable from income if the gain is capable of being allocated to periods after 2008 when neither you nor your spouse (or your former spouse) used the property as a main home.