Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0

Phil is talking about the new non-qualified use provisions which started on 1/1/2009. Any gain (not the exemption) attributable to non-qualified use is fully taxable. Gain attributable to qualified use (that is, use as a principal residence) is eligible for up to the full exclusion under section 121.

--Peter


Are you certain? Everything I have read states that the exemption is prorated based on qualified/non-qualified usage. Recaptured depreciated is a separate issue.
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement