Sec. 121 planning opportunities after the Housing Assistance Tax Act

Sec. 121 planning opportunities after the Housing Assistance Tax Act

The Housing Assistance Tax Act of 2008 (the Housing Act) implemented major revisions to Sec 12 1.1 The Housing Act provided many tax incentives for the housing market, and it was necessary to counterbalance the $15 billion of tax incentives with a like amount of new tax revenues, which the Sec 121 r...

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Veröffentlicht in:The Tax Adviser 2009-03, Vol.40 (3), p.162
Hauptverfasser: Cockrum, Robert B, Quilliam, William C
Format: Magazinearticle
Sprache:eng
Schlagworte:
Capital gains
Employment
Housing
Housing & Economic Recovery Act 2008-US
Laws, regulations and rules
Revisions
Sales
Tax incentives
Tax planning
Taxable income
Taxation
Vacation homes
Vacations
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Zusammenfassung:The Housing Assistance Tax Act of 2008 (the Housing Act) implemented major revisions to Sec 12 1.1 The Housing Act provided many tax incentives for the housing market, and it was necessary to counterbalance the $15 billion of tax incentives with a like amount of new tax revenues, which the Sec 121 revisions are designed to help provide. The changes to Sec. 121 do not affect the core mechanisms of Sec 121, but several of the tax planning opportunities that have developed since the 1997 overhaul of Sec 121 will be eliminated or gradually eliminated. This article discusses the new law changes and how and when those changes affect prior and future planning. [PUBLICATION ABSTRACT]
ISSN:0039-9957