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Real Estate
The Real Estate Adviser |
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October 28, 2004
The Real Estate Adviser: Home exchanges get help in new tax law
By TOM KELLY
Special to the Journal
Special to the Journal
Deep in the folds of the recently signed American Jobs Creation Act of 2004 — the same law that will allow Washington state residents to deduct sales tax in 2004 and 2005 — is a subtle yet important change for homeowners who have acquired their principal residence via a tax-deferred exchange.
The new law, signed by President Bush while flying on Air Force One to a campaign appearance in Pennsylvania on Oct. 22, includes a stipulation that the exchange property must be held for five years in order to qualify for the $500,000 ($250,000 for a single person) principal residence tax-free exemption.
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Previous columns:
- The Real Estate Adviser: Time for a second home in old Mexico?, 10-21-2004
- Real Estate Adviser: Fractionals give you a spot on leisure map, 10-14-2004
- The Real Estate Adviser: Longer life-spans can put strain on finances, 10-07-2004
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