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Reduced Sec 121 Exclusion Worksheet

Posted by taxguru on September 4, 2008

As I was perusing the latest draft tax forms on the IRS website, I came across this file that contains some new worksheets and other info for Publication 523, which deals with the tax free sales of primary residences.

What I was mainly interested in is the brand new provision in the law that limits the tax free exclusion for homes that were also used as a rental or second personal home. For that calculation, IRS has this new worksheet, which is on Page 7 of the draft pdf file.


(Click on image for full size)

This entry was posted on September 4, 2008 at 1:16 PM and is filed under 121. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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