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Congress Amends Tax Free Gain on Sale of Personal Residence
08-16-2008, 02:20 PM
| | 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.
Last edited by wexeter : 08-16-2008 at 02:21 PM.
Reason: Corrected the paragraph
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