08-16-2008, 02:20 PM
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| Junior Member | | Join Date: Oct 2006 Location: San Diego, CA
Posts: 12 | |
 Congress Amends Tax Free Gain on Sale of Personal Residence
Homeowners can no longer take the full tax free exclusion on the sale of their personal residence if the personal residence was used as rental property before it was used as a personal residence.
Congress enacted the Housing and Economic Recovery Act of 2008, which amended Section 121 of the Internal Revenue Code that permits the tax free exclusion on the sale of your home.
The amount of time that your real property was used a rental property will not longer qualify for the 121 exclusion.
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William L. Exeter
President and Chief Executive Officer
EXETER 1031 Exchange Services, LLC
402 West Broadway, Suite 400
San Diego, CA 92101
(866) 393-8370 Contact Us
Last edited by wexeter : 08-16-2008 at 02:21 PM.
Reason: Corrected the paragraph
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