Finally, it appears that the Internal Revenue Service has had its say for a while on the rules governing the sale of a principal residence.
It’s been over six years since Congress enacted the $250,000 exclusion ($500,000 for joint filers) on the gain from the sale of a principal residence. This past month, the IRS issued final regulations on what is thought to be the end of the final regs process for the exclusion. For the upcoming year, the IRS Priority Guidance Plan has scheduled only one piece of guidance on the sale of a residence: a revenue ruling on like-kind exchanges.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access