Marketed as 'The Riviera of America' perhaps Niceville's name was chosen for Nice, France situated on a beautiful bay with a temperate climate along the French Riviera. As interest in the local area grew McCaskill marketed land along the Choctawhatchee Bay as The Vale of Paradise.
In the case of a sale or exchange of property by an unmarried individual whose spouse is deceased on the date of such sale, paragraph (1) shall be applied by substituting â$500,000â for â$250,000â if such sale occurs not later than 2 years after the date of death of such spouse and the requirements of paragraph (2)(A) were met immediately before ...
A: If you do not realize a GAIN when you sell, i.e. sell it for more money than you bought the home, you should not have a tax liability. If you do realize a gain, you can get an exemption of 250,000 for single person or 500,000 for a couple, provided you have occupied the home as your personal residence at least 24 months out of the past 60 months.