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General Rule of Taxation Postponement
You Fix Up the Property for Sale?
What About an Unmarried Person?
2 other sections not shown
65 or older 8-year period adjusted basis adjusted or tax adjusted sales price allocable amended by P.L. amount of gain amount you realize apply beginning 18 months broker's commission CCH Dec Code Sec computed consent construction cost less cost of purchase deductible election to exclude Example exclude gain exclusion February 28 fixing-up expenses gain realized includes income tax income tax return incurred installment method Internal Revenue Service involuntary conversion legal fees less line Less selling expenses lf line lf you answered March 26 old residence paid period beginning 18 personal residence principal residence purchase a replacement purchase price qualify realized gain reinvested rental portion replace your residence replacement property replacement residence residence in order sale or exchange Schedule sell your home sell your residence spouse subject to tax tax basis tax deferment rule tax is deferred tax-deferred gain taxable gain taxpayer threat or imminence