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
Thursday, April 21, 2005
Q:
Subject: capital gains on personal residencejust finished reading your post, and wanted to ask this: How does the IRS define the purchase of the one’s personal residence – is that the day that the title is transferred? What if you leased with the option to buy for some time before exercising the option, does that time count?
Thank you for your informative blog!
A:
To qualify as owning it, your name must be on the title for the property. Leasing it does not qualify, whether you have a purchase option or not.
Kerry Kerstetter
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/21/2005 01:28:00 PM Send this post:
