Problems arise, though, for the spouse who, shortly after the sale of the family home, wants to sell his own residence.

The new law also eliminates a provision exempting $125,000 for homeowners 55 and older when they sell their principal residence at a profit.

In addition, the regulations also grant a once-in-a-lifetime $125,000 exemption to homeowners 55 and older when they sell their principal residence at a profit.

If you sell your primary residence after living in it for less than two years, you will not be treated as well.

About 25% of all senior citizens declare bankruptcy due to medical expenses, and 43% are forced to mortgage or sell their primary residence.

Would it be best to sell my main residence and then make the second my main residence?

A 2013 study found that about 25% of all senior citizens declare bankruptcy due to medical expenses, and 43% are forced to mortgage or sell their primary residence.

Some exceptions apply, such as selling one's primary residence which may be exempt from taxation.

We know there is a once-in-a-lifetime Federal tax exemption of $125,000 when you sell your residence.

Forced to sell his primary residence, Mr. Boyle and his family now live year-round in their Hamptons summer home.