This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: May elect to defer gains if purchase Qualified Replacement Property Proceeds not re-invested are recognized to extent of gain Have 2 years after year of loss to replace Condemnations: Losses on personal use assets are not deductible Replacement property only has to be like-kind Have 3 years after loss to replace Sale of Principal Residence Principal Residence Owned and occupied as Principal Residence for aggregate of 2 out of previous 5 years (5 out of 5 if from a LKE) Exclude gain up to $250,000 for a single person, $500,000 for MFJ Special rules may allow a smaller exclusion is have to sell for certain reasons Can use the exclusion every two years...
View Full Document
This note was uploaded on 02/20/2009 for the course H ADM 422 taught by Professor Lhensley during the Fall '08 term at Cornell.
- Fall '08