Taxpayers generally can exclude up to $250,000 ($500,000 on a joint return) of gain on the sale of their principal residence. To qualify, a taxpayer must have used the property as his or her principal ...

Affirming a Tax Court decision, the Eighth Circuit held that a taxpayer who repossessed his former principal residence after the buyer defaulted had to recognize gain equal to the excess of the cash ...

Pursuant to the Mortgage Debt Relief Act of 2007, the discharge of qualified principal residence indebtedness of up to $2 million dollars is excluded from gross income. Although the relief was due to ...

When you live in a particular home full-time, or at least for most of the year, it is considered your primary residence. This status is important for financial, tax and legal reasons. For homeowners ...

The Internal Revenue Service has issued final and temporary regulations on the home sale exclusion that are effective for sales and exchanges after Dec. 23, 2002. However, taxpayers may elect to apply ...

While individuals are allowed to exclude gain of $250,000 ($500,000 by a married couple filing a joint return) on the sale of property owned and used as a principal residence for at least two years in ...

2003-06-29 04:00:00 PDT Washington-- A federal court decision is focusing new light on an issue that could affect large numbers of American homeowners who expect to cash in their equity tax-free. In a ...

New anti-flipping rules for residential real estate (including rental properties) that came into effect in 2023 were designed ...

Principal private residence relief (PPR) provides an individual disposing of their main or principal place of residence (their ‘dwelling-house’ — such term is not defined in the legislation, but ...

Following false social media reports, Michigan Treasury officials are reminding residents that their principal residence exemption does not expire. The PRE, which is separate from the Homestead ...

Recently announced changes to the principal residence exemption (PRE) and, in particular, the new requirement to report to the Canada Revenue Agency the sale of a principal residence in order to be ...