HR 3221 May Rob Home Equity If You Rent Out Your Home
Besides all of the yelling about the provisions to have the government get hold of all your credit card transactions, one NASTY zinger seems to have escaped most people's attention.
If you have rented out your primary residence, current rules are that any gain on sale of your house is tax-exempt (up to the limits set in law) if you qualify under the "you were in the house two years out of the last 5" rule.
Someone stated that an amendment to HR 3221 would change that to force periods of rental after 2008 to be used to limit the percentage of gain one could exclude from capital gains taxes.
1. So many people are renting now because they can't sell their house and so many are looking for
rentals because they were foreclosed on. This would be a bad law at this time. I'm about to rent my house which has been on the market for a year and a half.
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