Items related to How to Buy a House, Condo, or Co-Op
From the Author:
new tax law dramatically changes long-term planning
the "Taxpayer Relief Act of 1997" signed by President Clinton in August, 1997 excludes profits from the sale of your primary residence up to the first $500,000. You have to have lived in that house at least 2 years during the past 5 years. You no longer defer gain by buying a new home, and the once-in-a-lifetime exclusion for those 55 or older is also replaced. I believe this new law will free people to people where they want, move when they want, and be able to trade down as they want. For many, it could also mean retiring earlier than planned -- all in all, an excellent change. The current edition of "How to Buy A House, Condo or Co-op" does not reflect these new changes, but the key thing to remember is that it now simple. If your profit on the sale is $500,000 or less, and you've lived there two years or more, you will usually not be taxed on any of the profit.
the "Taxpayer Relief Act of 1997" signed by President Clinton in August, 1997 excludes profits from the sale of your primary residence up to the first $500,000. You have to have lived in that house at least 2 years during the past 5 years. You no longer defer gain by buying a new home, and the once-in-a-lifetime exclusion for those 55 or older is also replaced. I believe this new law will free people to people where they want, move when they want, and be able to trade down as they want. For many, it could also mean retiring earlier than planned -- all in all, an excellent change. The current edition of "How to Buy A House, Condo or Co-op" does not reflect these new changes, but the key thing to remember is that it now simple. If your profit on the sale is $500,000 or less, and you've lived there two years or more, you will usually not be taxed on any of the profit.
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- PublisherConsumer Reports Books
- Publication date1990
- ISBN 10 0890433658
- ISBN 13 9780890433652
- BindingPaperback
- Rating
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How to Buy a House, Condo, or Co-Op
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(1990)
ISBN 10: 0890433658
ISBN 13: 9780890433652
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How to Buy a House, Condo, or Co-Op
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How to Buy a House, Condo, or Co-Op
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How to Buy a House, Condo, or Co-Op
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Consumer Reports Books
(1990)
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ISBN 13: 9780890433652
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