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Recent News and Articles on the Keywords: capital gains + gain exclusion + home  Related to the article below (Last Update: 7/8/2008)

No need for widow to quickly sell home
News & Observer, NC - Jul 5, 2008
You are correct that under previous law, a taxpayer 55 or older got a onetime $125000 exclusion on capital gains as a result of the sale of a primary ...
Foreclosed owner liable for unpaid dues Responsibility ends when ...
San Francisco Chronicle,  USA - Jun 28, 2008
Is it enough to just pay the tax on the capital gain in 2009 when we file our 2008 income tax? A: This has been a confusing area of law for a long time, ...
When insurance payments are taxable
The Coloradoan, CO - Jun 29, 2008
If the casualty gain on a home exceeds the amount of the exclusion, the excess amount can be deferred under the involuntary conversion rules. ...
Condo Owners: To Reduce Tax at Sale Time, Account for Community ...
Washington Post, United States - Jun 20, 2008
Assuming that you and your spouse are eligible for the full $500000 profit exclusion, $17500 of that profit would be taxable as a capital gain. ...
Credit line requires big equity
San Francisco Chronicle,  USA - Jun 21, 2008
At the end of two more years, you sell the property and claim the up-to-$500000 exclusion of gain. Congress closed this loophole a few years ago. ...
Impact of selling on taxes
San Francisco Chronicle,  USA - Jun 14, 2008
... $250000) exclusion of gain, you will have to pay capital gains tax to the Internal Revenue Service and whatever appropriate state tax may be imposed. ...
Swapping vacation homes easier under IRS rule
Mortage 101 - Jun 19, 2008
Now, you have failed to comply with the requirements and have to file an amended return -- and pay the tax on the capital gain. Where will you get the money ...
Keep your eye on the IRS when subdividing land
Chicago Tribune, United States - Jun 13, 2008
... the up-to-$500000 (or $250000) exclusion of gain, you will have to pay capital gains tax to the IRS and whatever appropriate state tax may be imposed. ...
Divorce muddies water in real-estate transaction
Orlando Sentinel, FL - Jun 16, 2008
Will we be able to exclude capital gains on the sale of this property as our principal residence because we had just sold our home? ...
Israel at 60: Hubertus Hoffmann on a new Double Strategy of Power ...
International Analyst Network, NY - Jul 5, 2008
On the other side they all know that tiny Israel does not want to threaten them with their nuclear weapons to gain territory ? it is just too small to ...
Source: Google News

Capital gains tax rates and the cost of capital for small business: evidence from the IPO market -
DA Guenther, M Willenborg - Journal of Financial Economics, 1999 - Elsevier
... Andrea Tyson, explained the legislation as ?an attempt to use capital gains relief
in ... To qualify for the 50% gain exclusion, the stock sold must be qualified ...

House prices and home owner saving behavior -
GV Engelhardt - Regional Science and Urban Economics, 1996 - Elsevier
... In addition, a measure of housing capital gains based on self-reported home value
can be calculated for households regardless of geographic location. ...

[BOOK] The Labyrinth of Capital Gains Tax Policy: A Guide for the Perplexed -
L Burman - 1999 - books.google.com
... 115 8-1. Effective Long-Term Capital Gains Tax Rates under 40 Percent Exclusion
Compared with Present Law ... Most capital gains on home sales are exempt. ...

[PDF] Goring the Wrong Ox: A Defense of the Mortgage Interest Deduction -
SE Woodward, JC Weicher - National Tax Journal, 1989 - ntj.tax.org
... and the one-time and a is the nominal appreciation rate of capital gain exclusion. ...
Indeed, if the home- are small, and we assume that optimal owner for some ...

The limits of housing policy: Home ownership in Australia
SC Bourassa, AW Greig, PN Troy - Housing Studies, 1995 - informaworld.com
... to cushion repayments, and exclusion from income ... Because home mortgage interest is
not tax deductible ... other asset, expectations regarding capital gains, and the ...

Bequest taxes and capital gains realizations -
G Auten, D Joulfaian - Journal of Public Economics, 2001 - Elsevier
... of gain that qualified for the 60% exclusion in effect from 1979 to 1986 and
corresponds to the calculated marginal tax rates. Non-capital gains income (Y) is ...

Expected Home Ownership and Real Wealth Accumulation of Youth -
DR HAURIN, SM WACHTER, PH HENDERSHOTT - NBER Working Paper, 1996 - papers.ssrn.com
... consists of all respondents because exclusion of current ... variables is the probability
of home ownership predicted ... value, we can measure housing capital gains. ...

[CITATION] Market Valuation of Tax-Timing Options: Evidence from Capital Gains Distributions -
JB CHAY, D CHOI, J PONTIFF - The Journal of Finance, 2006 - Blackwell Synergy
... term capital gains. This strategy is profitable as long as the net after-tax payoff
is positive, (5)where T c /0.4 is the short-term rate (ie, the exclusion ...

Capital Gains Taxation in the United States: Realizations, Revenue, and Rhetoric -
AJ Auerbach - Brookings Papers on Economic Activity, 1988 - JSTOR
... again, until 1986 after a partial exclusion) and short- term losses. For further
discussion, see James M. Poterba, "How Burdensome Are Capital Gains Taxes? ...

[PDF] A Preliminary Assessment of the New Home Seller Capital Gains Law -
T Bier, I Maric, W Weizer - Housing Policy Debate, 2000 - mi.vt.edu
... if the seller purchased another home of equal ... Further, the exclusion is avail- able
not just once ... purposes, this change eliminated capital gains tax liability ...
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Source: Google Scholar
 
 

Capital gains exclusion for foreign home

I have sold a home abroad after living in it for five years and then emigrated to the U.S. I was already a permanent U.S. resident by the time of sale. Do I owe Uncle Sam any tax for the profit, which was around $100,000?
Regards,
-- Olle

Article continues below and (thank you)
 

Dear Olle,
You can exclude up to $250,000 of the gain on the sale of your main home if you meet the ownership and use test.

Also, to claim the exclusion during the two-year period ending on the date of the sale, you must not have excluded gain from the sale of another home.

To pass the ownership and use test means that during the five-year period ending on the date of the sale, you have to meet two main criteria.

You must have:

  • Owned the home for at least two years (the ownership test).
  • And lived in the home as your main home for at least two years (the use test).

The law does not differentiate whether the home is in a foreign country. It also does not consider whether you were a resident of this country during the period of ownership and use. For example, if a U.S. citizen resided in Paris for two of the last five years, that home could be considered his or her personal residence and qualify for gain exclusion. Accordingly, so long as within two of the last five years ending on the date of the sale, you used and owned the foreign-country home as your principal residence, you will not owe tax on the $100,000 gain.
 
 
 
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