Selling Your Home(s): How to Parlay the Up to 250,000/ 500,000 Capital Gain Exclusion on Each Residence Sale into a Tax-Free Nest Egg ( Series 400: Owners and Sellers)
- Book Review,
by Holmes F. Crouch
Book Description
This tax guide provides tips for taking full advantage of a law that creates an unusual opportunity to amass a substantial amount of money over a lifetime. Provided they have lived in a home for more than two years, homeowners can avail themselves of the "Exclusion of Gain from Sale of Principal Residence," which allows them to exclude from capital gain taxes up to $500,000 from the sale of a home. Important regulations related to the law are discussed, including married persons rules, strategies for claiming exclusions, and the effect of divorce on exclusions. Detailed accounts of new IRS regulations are also addressed.
Card catalog description
Selling Your Home (T/G 404) covers a 40-year lifespan of home ownership and improvements, the misconceptions regarding gain "rollovers," the qualifications for replacement residences, questions to ponder, and one's "final sale" after age 55 (husband OR wife). Also covered - mandatory aspects of Form 2199, why loss sales not tax recognized, basis records: Old and New, chain of sales: Keeping vs. Breaking, business use and involuntary conversions, and effects of divorce and remarriage.
About the Author
Holmes F. Crouch is an IRS-licensed tax professional and the author of Rental Real Estate, Selling Your Business, Tax Deferred Exchange, and Your Trustee Duties. He lives in Saratoga, California.
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