Available under Creative Commons-ShareAlike 4.0 International License.
President George Bush II announced early in his presidency that he wanted America to be an “ownership society.” How would (does) widespread taxpayer ownership of private homes make America a better place? We have already examined imputed income derived from ownership of property – and that is most significant with regard to ownership of principal residences.
- Read § 121.
- What is the rule of § 121(a)?
- Does § 121 promote an “ownership society” – or something else? Don’t forget that –
- § 163(h) permits deduction of mortgage interest on up to $1,000,000 of indebtedness incurred to purchase a home or of interest on up to $100,000 of home equity indebtedness.
- § 164(a)(1) permits a deduction for state and local, and foreign real property taxes.
- Notice that § 121(b)(4)[(5)] and § 121(c) employ bifurcation ratios. Are the ratios what you expect them to be?
Do the CALI Lesson, Basic Federal Income Taxation: Property Transactions: Exclusion of Gain on the Sale of a Principal Residence.
- 瀏覽次數:1911