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February 2009

Gain on Sale of Primary Residence

New Tax Implications

On July 30, 2008, President George W. Bush signed the Housing Assistance Tax Act of 2008 (H.R. 3221). The act includes $15.1 billion in tax incentives in an effort to help rejuvenate the slumping U.S. economy. In addition to the incentives, the act contains a number of provisions designed to make the bill revenue-neutral. While tax preparers should become familiar with all provisions of the bill, professionals preparing income tax returns and taxpayers contemplating the sale of a personal residence should pay particular attention to section 3092, the “Reduced Home Sale Exclusion,” under IRC section 121.

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