As a long time taxpayer I love discovering new ways to save money on income taxes. One of the best deal going to date is the up to $500,000 EXCLUSION ON THE GAIN (the difference between what you paid to buy the property and what you sold it for) you make on the sale is tax-free, not the sale price, of your principal residence. It's up to $500,000 for married taxpayers filing jointly or $250,000 for single taxpayers.Tax expert Diane Kennedy has a great article on this subject in today's Realty TimesBasically to qualify for this huge tax savings you only have to have lived in a house that qualified as your principal residence for any 2 of the past 5 years. One quirk to this regulation I was not aware of is that under certain circumstances you can qualify for 1/2 the gain or up to $250,000... 05/09/2007

About 12 miles west of downtown Knoxville, Tennessee is the marvelous little bedroom community of Farragut. Farragut is called a 'bedroom community' because most of the residents work other places and just live there.Currently Farragut has 265 homes for sale ranging in price from $139,900 to a high of $1,499,000; something for everyone. This beautiful homes is listed at $231,000 and is lodated in a convenient Farragut location.Farragut High and the Farragut schools system is very highly rated nationally; several years ago Redbook Magazine ranked Farragut High as one of the top 50 high schools in the United States.Quality of life is very much on the forefront of Farragut life; lots of parks, little league & soccer fields, and during summers; free outdoor concerts at a lakeside park along... 03/21/2007