Selling a principal residence after the TRA '97

Selling a principal residence after the TRA '97

Congress has cleaned house in the Taxpayer Relief Act of 1997, by repealing the Section 1034 residence sale gain and the Section 121 $125,000 gain exclusion for taxpayers age 55 and older. Instead, there is now an opportunity to exclude up to $250,000 of gain ($500,000 if married filing jointly) on...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Veröffentlicht in:The Tax Adviser 1998-02, Vol.29 (2), p.116
Hauptverfasser: Adkins, Neil, Grisler, Gregory G, Thompson, Steven C
Format: Magazinearticle
Sprache:eng
Schlagworte:
Capital gains
Changes
Couples
Exclusion
House selling
Internal Revenue Code
Provisions
Sale or exchange of residence
Section 1034
Section 121
Tax planning
Taxation
Taxpayer Relief Act 1997-US
Taxpayers
Transition rules
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Beschreibung
Zusammenfassung:Congress has cleaned house in the Taxpayer Relief Act of 1997, by repealing the Section 1034 residence sale gain and the Section 121 $125,000 gain exclusion for taxpayers age 55 and older. Instead, there is now an opportunity to exclude up to $250,000 of gain ($500,000 if married filing jointly) on the sale of a personal residence as often as every 2 years. The article explains the new provisions and offers planning strategies. The TRA '97 creates a category of transition taxpayers who can choose to apply pre-TRA '97 Section 1034 or Section 121, or post TRA '97 Section 121.
ISSN:0039-9957