Monday, December 18, 2017 1:06:47 PM
Monday Dec 18,2017 .. By Brandon Ivey ... bivey@imfpubs.com
Intense lobbying from the housing industry regarding the tax bill in Congress paid off in one regard: the legislation won’t change the capital gains treatment that applies to the sale of a principal residence.
Provisions were included in the House and Senate bills to extend the number of years a homeowner must live in a home before receiving favorable capital gains treatment when selling. However, the conference report for the Tax Cuts and Jobs Act released late Friday states that the version set to be voted on this week won’t include the provisions.
Currently, a married couple can exclude $500,000 of gain realized on the sale or exchange of a principal residence as long as the home was used as a principal residence in two of the five years prior to the sale. Lawmakers had planned to extend the occupancy threshold to five out of the eight years before a sale.
The housing industry had warned that extending the requirement would “lock” younger borrowers into their first homes for longer periods of time, further limiting the supply of homes for sale and potentially driving prices out of reach for would-be homebuyers.
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM
