New tax laws on real estate capital gains

From: <Memills@aol.com>
Subject: New tax laws on real estate capital gains
Date: Wed, 10 Jun 1998 23:04:07 EDT

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I read in a book about the new real estate tax law which states
that one qualifies for no capital gains tax if a property has been
one's primary residence for 2 years, and then rented for 3 years
(actually, sold before that 3 year period is up).  The book seemed
very clear about this.   

I've heard others say that it must be one's primary residence when
the house is sold, not a rental.

Can anyone clarify this?

Thanks...



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