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New Final and Temporary Regulations Provide New Opportunities to Claim Home Sale Exclusions  


Author:  Radie Bunn.; Kermit Keeling.; G. E. Whittenburg.


Source: Volume 21, Number 01, Fall 2003 , pp.26-35(10)




Journal of Taxation of Investments

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Abstract: 

The Taxpayer Relief Act of 1997 provided new opportunities for avoiding capital gains by increasing exclusions for many homeowners who sold or exchanged their primary residence after May 6, 1997. In December 2002, the IRS issued two sets of regulations that provide guidance to taxpayers claiming residence-sale exclusions under Section 121. A set of temporary and proposed regulations give specific examples of exceptions to the two-year ownership or use rules for claiming partial gain exclusions. A set of final regulations (TD 9030) covers the general provisions of Section 121.

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Affiliations:  1: School of Accountancy, Southwest Missouri State University; 2: Sellinger School of Business and Management, Loyola College, Maryland; 3: School of Accountancy, San Diego State University.

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