Real estate blog entries tagged with irs announcement by Robert Ashby Photography

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Home : Blogs : Robert D. Ashby : Florida's #1 Mortgage Planner - Managing Equity and Debt Strategically™ : Tag "irs announcement"

irs announcement: Florida Hurricane Victims Get an Additional Year to Sell Vacant Land - 08/01/07 11:51 AM

The Internal Revenue Service is adding an additional year to the time limit within which victims of Hurricanes Katrina, Rita and Wilma have to sell vacant land that they had owned and used as part of their principal residence that was destroyed as a result of the hurricanes.
Federal tax rules state that individuals have two years within which to sell the vacant land to be able to take advantage of the exclusion on gain from the sale of a principal residence.
Given that the two-year anniversary is approaching for victims of the 2005 hurricanes, the IRS has decided to provide additional time … (2 comments)

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Robert D. Ashby

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