housing bill: New Housing Bill's Hidden Tax Trap
- 08/11/08 02:11 AM
President Bush signed the Housing and Economic Recovery Act of 2008 into law and the press jumped on the obvious storylines: First-time home buyers get a $7,500 purchase "credit" Conforming loan limits move to $625,000 Delinquent homeowners get a lifeline from the FHA Local governments get federal money for buying and restoring foreclosed homes However, tucked away on the last few pages of the text, in a section called "Revenue Offsets", there's an important tax implication. The new housing law changes the way in which capital gains exclusions are calculated on the sale of a residence. Under the old system, a taxpayer was entitled … (0 comments)
President Bush signed the Housing and Economic Recovery Act of 2008 into law and the press jumped on the obvious storylines:
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