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Ask Paula: How Do I Make Sure I Don't Spend the Money I've Invested?

Afford Anything

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The Capital Gains Exclusion in the Housing Assistance Tax Act of Two Thousand Eight

The new rules enshrined in i r c section one 21, b four, stipulate that the capital gains exclusion is specifically available only for periods during which the property was actually used as a primary residence. Gains are assumed to be pro reta over the holding period. Any other time since january first two thousand nine that the property was not used as a main residence is deemed non qualifying use. Those gains are not eligible for the exclusion.

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