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Here is a brief summary of the new tax laws: An exemption of up to $250,000 of long term capital gains for principal residence. Couples will get up to a $500,000 exemption. Exempt amounts are reusable every two years. Maximum tax rate on capital gains over $250,000 will be reduced from 28% to 20%. The roll over provision is gone and the only provision for the new law is that one must occupy their principal residence for two years or more. Penalty-free withdrawals up to $10,000 from existing and newly created “American Dream” IRA’s for the down payment of a first-time home.


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