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Changes to the Home Sale Gain Exclusion Many taxpayers bought a second home, such as a vacation home, with the intention of later converting the second home into their principal residence. Under pre-2008 Housing Act law, those taxpayers could have excluded up to $250,000 ($500,000 for certain joint filers) upon a later sale of that former vacation home as long as the two-year ownership and use tests for the exclusion were satisfied.   Housing Credit Information The National Association of Home Builders provides a comprehensive overview of the first-time homebuyer tax credit at www.federalhousingtaxcredit.com.   Required Minimum Distributions Waived for 2009 Taxpayers can be subjected to an onerous excise tax if they take less than the required minimum distribution (RMD) from their retirement plan each year.