250K Gain Tax Exclusion on Real estate

[KaneKungFu123]

If you lived in a house for 2 of the last 5 years, then your gains of up to 250K are not taxed.

So, it seems that a strong financial strategy would find you owning several houses, moving around from one to another (this becomes a bit more difficult if you have family)

Every book i read about taxes all seem to lean in the same direction, that real estate is the key. there are also some interesting tax shelters where you can put real estate and assests in your children's name. If you are self employed, then your child can own your house, and you can pay him rent to work there, and he doesnt have to pay taxes on rental income because he is underaged.

These are huge tax breaks. If you gained 250K, then you would save 15% taxes, 37.5K.

You can also deduct your mortgage interest, and you can use other properties to get loans for new properties. I really wish I had this extra income a few years earlier for the low interst rates and housing boom.

Real estate also seems easier to analyze then stocks which are completely wide open. If you read the debates on here, everyone seems to be knowledgable and everyone has a different opinion. Real estate is more concrete.

OT: Does anyone know how I can add my name to my parents mortgage and what tax implications this will have for me?