Pub 523 : Selling Your Home

Discussion in 'US Taxes' started by Dave Ryan, Jan 31, 2005.

  1. Dave Ryan

    Dave Ryan Guest

    On page 15 of Publication 523 (Selling your home), there is a paragraph
    covering "Unforeseen Circumstances".

    The text says "You are not considered to have an unforeseen circumstance if
    you sold your home after August 12, 2004, and the primary reason you sold it
    was that you preferred to get a different home or your finances improved."

    What is the significance of the August 12, 2004 date? The sentence infers
    that a seller would have an unforeseen circumstance if they sold for the
    reasons declared before August 12, 2004 but this does not seem right. Can
    somebody please clarify?
     
    Dave Ryan, Jan 31, 2005
    #1
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  2. "Dave Ryan" <> wrote
    > On page 15 of Publication 523 (Selling your home), there is a paragraph
    > covering "Unforeseen Circumstances".
    >
    > The text says "You are not considered to have an unforeseen circumstance
    > if you sold your home after August 12, 2004, and the primary reason you
    > sold it was that you preferred to get a different home or your finances
    > improved."
    >
    > What is the significance of the August 12, 2004 date? The sentence infers
    > that a seller would have an unforeseen circumstance if they sold for the
    > reasons declared before August 12, 2004 but this does not seem right. Can
    > somebody please clarify?




    If you were to some seriously invasive research, you'll probably find where
    some Congressman's son or daughter didn't like their home, and sold it on
    August 11th.


    But the reality is more like, 'this is the date the clarification law was
    enacted', and they didn't want to punish someone who may have already sold a
    house under such circumstances. Like a son or daughter.



    --
    Paul A. Thomas, CPA
    Athens, Georgia
    taxman at negia.net
     
    Paul A Thomas, Jan 31, 2005
    #2
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