Exclusion of Gain on Sale of Principal Residence对主住宅销售收益排除.pptVIP

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Exclusion of Gain on Sale of Principal Residence对主住宅销售收益排除.ppt

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Exclusion of Gain on Sale of Principal Residence对主住宅销售收益排除.ppt

Exclusion of Gain on Sale of Principal Residence § 121 After the 1997 Taxpayer Relief Act Tax Laws to Encourage Home Ownership Real estate taxes and interest deduction Home equity debt interest Exclusions of up to $250,000 gain ($500,000, joint) on sale of principal residence Taxpayer Relief Act of 1997 Sweeping changes for sales of principal residence Generally effective for sales after May 6, 1997 Except an election available to use prior law for sales before August 5, 1997 Regardless of age and no replacement necessary Old Law §1234 - Defer gain if: replaced residence w/in 2 years before or after sale of old residence both old and new were principal residence Cost of replacement residence at least equal to adjusted sales price of old residence §121 - Exclude up to $125,000 55 and older Owned used old residence last 3 of 5 years Reasons for Change Complex calculation for typical taxpayer Detailed record keeping required for decades Difficult for typical taxpayer to distinguish between capital expenditure and non-deductible expense Forced some to replace with larger home than needed - inefficient use of resources Discouraged some from selling Created tax traps for unwary Determining Realized Gain Amount realized Sale price less selling expenses commissions, advertising, deed preparation costs, legal expenses Less Adjusted Basis depends on how obtained capital improvements costs to defend title The New Law Generally able to exclude $250,000 Owned used residence at least 2 of 5 years before sale Married / joint return, exclude $500,00 if: Either spouse meets ownership test Both meet use test and Neither is ineligible because of a sale w/in last 2 years Exclusion determined on individual basis may claim $250,000 even if spouse used the exclusion in past 2 years Determined on Individual Basis-Example: Dan and Jane are married - file joint Don’t share a principal residence Both sale their residence Another Example Same facts - even if Jane used the exclusion