Correction Sale of Main Home

[HRB_TMW]

The 2009 Tax Year Version is incorrect. Please see page 6-19, Exclusion of Gain.

The authors have not taken into consideration the new limitations on exclusion of gain.
See IRS Pub 553, Sale of Main Home.

[travis bickle]

Mods

The 2009 Tax Year Version is incorrect. Please see page 6-19, Exclusion of Gain.

The authors have not taken into consideration the new limitations on exclusion of gain.
See IRS Pub 553, Sale of Main Home.

Please lock/delete this thread.

The OP knows not whereof s/he types

[HRB_TMW]

Please lock/delete this thread.

The OP knows not whereof s/he types

Then I guess Pub 533 is wrong also.

"Gain from the sale or exchange of the main home is no longer excludable from income if allocable to periods of nonqualified use.

Generally, nonqualified use means any period after 2008 where neither you nor your spouse (or your former spouse) used the property as a main home (with certain exceptions). "

[Larmil]

Then I guess Pub 533 is wrong also.

"Gain from the sale or exchange of the main home is no longer excludable from income if allocable to periods of nonqualified use.

Generally, nonqualified use means any period after 2008 where neither you nor your spouse (or your former spouse) used the property as a main home (with certain exceptions). "

Do you mean to say: "Sales after December 31, 2008. Gain from the sale of a principal residence that is allocated to periods of nonqualified use cannot be excluded from gross income."?

[Gene V]

Ttb

I think you need to read page 6-22 Sales after Dec. 31, 2008

[HRB_TMW]

I think you need to read page 6-22 Sales after Dec. 31, 2008

Thank you, Gene. That clears it up for me. However, I don't understand the need to clarify "sales after Dec 31, 2008". Wouldn't all sales that pertain to this book take place after Dec 31, 2008?

[Larmil]

I think you need to read page 6-22 Sales after Dec. 31, 2008

I think I just read to to the original poster.

[WhiteOleander]

Thank you, Gene. That clears it up for me. However, I don't understand the need to clarify "sales after Dec 31, 2008". Wouldn't all sales that pertain to this book take place after Dec 31, 2008?

I do prior year returns all the time.

[travis bickle]

Pub 533 is right

Then I guess Pub 533 is wrong also.

"Gain from the sale or exchange of the main home is no longer excludable from income if allocable to periods of nonqualified use.

Generally, nonqualified use means any period after 2008 where neither you nor your spouse (or your former spouse) used the property as a main home (with certain exceptions). "

but it deals with self-employment tax.

I presume you mean Pub 553? - "Highlights of 2008 Tax Changes" ?

At any rate, page 6-19 of TTB BEGINS the discussion concerning exclusion of gain on the sale of a main home. The discussion continues through page 6-22.

In fact, if you read the information under the title slug on page 6-21 BUSINESS USE OR RENTAL OF HOME -- APPLICATION OF EXCLUSION RULES, you might see the very issue you raise.

Nevertheless I contend that TTB has not omitted/misinterpreted any point on this topic.

Drive friendly,