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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...
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- Fall '08
- Balance Sheet, Single person, Principal Residence Principal Residence Owned