Category Archives: Principal Residence

Big Gain on Home – and Military Home Issues

Today TaxMama® hears from Joe in the TaxQuips Forum.  Joe has just returned from 30 years of service in the armed forces. He hasn’t lived in his home for most of that time, so it doesn’t qualify for the personal residence exclusion. Now it’s time to sell. And Joe has a few questions about the […]

Personal Residence Exclusion after Death

Today TaxMama® hears from Tina in the TaxQuips Forum with this convoluted question. “A person has resided in the same one-family residence in for the last ten years without any children or wife. This person was bound into an estate contract to sell his residence for $800,000 in November, 2011 when his tax basis in […]

Residence or Travel

Today TaxMama hears from Susan in the TaxQuips Forum, with this issue. “We have a rental property that we want to re-establish residency in for the 2 year period without selling our current home we live in. I have to go back to work near the rental property so it is my plan to stay […]

TaxMama’s Tax Roundtable June 2010

    REPLAY today’s session – you can listen and SEE the session Today’s topics included: Introductions of some participants Testing of microphones ;~) Questions about the new PTIN Registration Brief overview of the new Testing issue for “Registered Tax Preparers”. NAEA’s survey about the Enrolled Agent title – and changes. Discussion of  IRA or 401(k) to […]

California conformity — Gov’s signature expected

Courtesy of Spidell Publishing – www.caltax.com We are awaiting the governor’s signature on SB 401 (Wolk), which will partially conform California to the federal COD exclusion for principal residences, as well as numerous other changes enacted since January 1, 2005. While the partial COD conformity will be retroactive to taxable years beginning on or after […]