Detail "Unforeseen Circumstances" Exclusion From Gain on Sale of Home   Oleh:  Randolph, David W. Jenis: Article from Bulletin/Magazine Dalam koleksi: Journal of Accountancy vol. 208 no. 5 (Nov. 2009), page 62. Topik: American Housing Market; Taxpayers; Gain Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.27 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Despite the recent downturn in the American housing market, one of the highest-value assets owned by most taxpayers remains their home. While many taxpayers have seen the value of their home decline, those in locales where home values have remained relatively strong—such as parts of some Southern and Midwestern states—could still realize a gain upon the sale of their home. Those now buying homes in depressed regions at what they hope are market-bottom prices will likely realize a gain after markets recover. Single taxpayers or those married filing separately generally can exclude up to $250,000 of the gain from the sale or exchange of a home ($500,000 for married taxpayers filing jointly). This exclusion may be taken once every two years if the taxpayers have owned and used the property as a principal residence for a period of (or periods totaling) at least two years during the five-year period ending on the date of the sale or exchange. Taxpayers who don’t meet these conditions can qualify for a reduced exclusion under IRC § 121(c) if the sale or exchange is because of a change in place of employment, health or “unforeseen circumstances.” Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

Copyright © 2006, 2007 Unika Atma Jaya, all rights reserved