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Home / Services / Calculators / Newsletter / Archives Sale of Home The IRS has proposed regulations that will expand the exclusion of the gain from the sale of your principal home that you lived in for at least 2 out the last 5 years. These proposed regulations will allow for partial exclusion for sales due to "unforeseen circumstances." The IRS defined this term as condemnation, seizure, involuntary conversions, disasters, acts of war or terrorism, death in the family, becoming eligible for unemployment, change in employment of self-employment status, divorce, multiple births or loss of income. The IRS will also allow two or more unmarried taxpayers who share the same residence to use this exclusion up to $250,000 based on "each taxpayer's interest" in the property. (March, 2003 Newsletter)
James E. Newland, CPA 939 Center Road Eastlake, Ohio 44095 440-951-9799 |
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