Deferred gain on sale of home,
Definition of Deferred gain on sale of home:
Deferred Gain on Sale of Home was replaced with the Home-Sale Gain Exclusion rule.
A tax law that allows homeowners to defer their gain on sale of residences provided that the proceeds are used to purchase a more expensive home. This rule is now superseded by the Tax Relief Act of 1997.
Deferred Gain on Sale of Home, repealed in 1997, was a tax law allowing homeowners to defer recognition of capital gains from the sale of a principal residence. Proceeds from the sale had to be used within two years to purchase a new principal residence of equal or greater value. The tax deferral was called a "rollover," and the Deferred Gain on Sale of Home tax law was called the "rollover rule.".
Meaning of Deferred gain on sale of home & Deferred gain on sale of home Definition
