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- W2299990434 abstract "When it passed Code Sec. 121 in the Taxpayer Relief Act of 1997, Congress greatly expanded the tax assistance afforded to individuals selling their homes. For instance, Code Sec. 121 now prescribes that an individual can exclude up to $250,000 of gain ($500,000 if a joint return is filed) on the sale of a primary residence if the homeowner owned and used the home for at least two out of five years preceding the date of sale. Code Sec. 121 provides that the exclusion applies regardless of the age of the taxpayer. Further, the full exclusion can only be used once every two years, and a taxpayer who fails to meet these requirements due to a change in place of employment, health or unforeseen circumstances is entitled to a reduced exclusion. In an effort to provide some clarification, the IRS issued proposed regulations. On December 23, 2002, the IRS issued final regulations as well as temporary regulations to provide guidance for areas not covered by the final regulations. The purpose of this article is to discuss the new regulations and the planning possibilities created. While Code Sec. 121 and its regulations provide some certainty in the areas, and cover situations not addressed in Code Sec. 121, such as sales of vacant land and partial interest, there are also some areas that have to be developed, mainly because the regulations use a facts-and-circumstance test." @default.
- W2299990434 created "2016-06-24" @default.
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- W2299990434 date "2003-09-24" @default.
- W2299990434 modified "2023-09-24" @default.
- W2299990434 title "Home Sales Exclusion - the Final Regulations" @default.
- W2299990434 hasPublicationYear "2003" @default.
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