1038(e) for principal residences
because he did not resell the property within one year after reacquiring it, as that subsection requires.
108(a)(1)(E) of a borrower's default and/or indebtedness discharge on recourse versus nonrecourse loans on principal residences
The bill narrows the use of the code's tax-free exclusion that allows sellers of principal residences
to escape taxation on the first $500,000 of their profits (married joint-filers) or $250,000 (single-filers).
Insured disaster victims who lose their vacation homes do not have the same benefits as disaster victims who lose their principal residences
Tax legislation has encouraged taxpayers to "buy up" when purchasing principal residences
The book provides coverage of: * Like-kind exchanges under Code [section] 1031 * Involuntary conversions under Code [section] 1033 * Principal residence
rollovers under code [section] 1034 * The exclusion of gains from principal residences
by individuals 55 and over
However, the real size of mortgages for principal residences
plus home equity lines of credit actually declined as a proportion of total family debt between 1983 and 1989 (table 8).
Fitch believes that this bill, if adopted, would eliminate the risk of cramdowns for pools of first mortgage loans secured solely by principal residences
Withholding is not required if the total sales price is $100,000 or less, or for principal residences
, sales resulting in a taxable loss, like kind exchanges, and some involuntary conversions.
Not only were multiple sales of principal residences
allowed under Sec.
For example, someone who realizes gains on the sale of two principal residences
within two years can exclude the gain on only one.
Taxpayers utilized the rollover of gain provisions of Internal Revenue Code (IRC) Section 1034, selling their principal residences
at a gain and purchasing more expensive residences.