rollover home sale

rollover home sale

An older income tax concept referring to the ability of homeowners to defer payment of taxes on the sale of their principal residence if the money were rolled over into a new residence.Today,taxpayers may exclude from income up to $250,000 of gain ($500,000 for married persons) on the sale of a principal residence,with no necessity that they buy another one.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.