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Courtesy of WSJ.com
IRS Eases Tax Rules for Home Sellers
[Excerpt from article]
Many homeowners are getting an unexpected break from the
government this year.
The Treasury Department is set to release rules that will allow
far more people to escape paying capital-gains tax when they sell
their home. Currently, you generally have to live in a home for
at least two years before qualifying for the maximum exemption.
The new rules significantly expand the number of sellers who can
reduce or eliminate the taxes they pay on their profits when they
sell before the two years are up. The changes, written to clear up
ambiguities in a 1997 law, go well beyond earlier speculation.
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Published TaxMama.com 12.21.02 |
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