Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
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Tax Guru-Ker$tetter Letter
Wednesday, July 23, 2003
Residence Sales
I know that it takes a while for new tax laws to filter out into the public consciousness, especially when they represent a huge change from a long standing practice. Over six years ago (in May 1997), the tax laws regarding home sales were changed dramatically. Still, to this day, I am constantly seeing and hearing people, including some tax professionals (extra scary), working under the impression that nothing has changed and that a home seller has to buy a new more expensive home in order to avoid capital gains taxes.
I can see why some Realtors would love for this misconception to persist. The old rule requiring people to buy more expensive homes was a great stimulus for the market; especially in areas like here in the Ozarks, where home prices were driven up by transplants like us from more expensive parts of the country. Under the "new" six-year old law, a seller has no requirement to buy any new home of any price.
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 7/23/2003 12:13:00 PM Send this post:
