Final answer:
Single homeowners can exempt up to $250,000 of capital gains from the sale of their home every two years, offering significant tax relief and promoting homeownership.
Step-by-step explanation:
Single homeowners are exempt from paying taxes on up to $250,000 of the capital gains from the sale of their home every two years. The sale of a home can result in significant capital gains, and the tax code provides some relief for homeowners. For example, in the case of United States v. Windsor, the Supreme Court acknowledged the importance of equal treatment under tax laws, as it related to estate tax exemption for surviving spouses. While this case dealt with estate taxes and the rights of same-sex couples, it highlights the broader tax code considerations that account for marital status, family size, and other factors. With regards to capital gains on a home sale, single individuals can benefit from this exemption as it provides substantial tax relief and encourages homeownership. The exemption amount and frequency are designed to help mitigate the tax burden for individuals who have seen their property increase in value.