An Update to the August 20th, 2013 Blog PostWhat is the best income tax shelter that the average person can have? The answer: homeownership. Doesn't this sound incredible? But if your home has gone up in value, the first $500,000 in profit, per married couple, is income tax free. If you are single, the first $250,000 is income tax free.Since the purchase price or improvements made are not part of the profit, most people will not pay any income tax on the sale of their home. The good news is that you can take advantage of this tax free perk every two years. Check with your tax …