Since the 2004 Jobs Act, the requirements are a little tighter. Now, the taxpayer must hold the acquired property for five years, in addition to living in it as his personal residence for at least two years.
There are not yet any comments on this quote. Why not register / login and be the first?
This quote is just one of 2 total Stephen Wayner quotes in our collection. Stephen Wayner is known for saying 'Since the 2004 Jobs Act, the requirements are a little tighter. Now, the taxpayer must hold the acquired property for five years, in addition to living in it as his personal residence for at least two years.' as well as some of the following quotes.
Since the 2004 Jobs Act, the requirements are a little tighter. Now, the taxpayer must hold the acquired property for five years, in addition to living in it as his personal residence for at least two years.
If an investor signed a contract and flipped it three months later, the IRS would say it was not held for a reasonable time, therefore he didn't intend to be an investor. The IRS has taken the position that two years is necessary to show reasonable time, but there are a number of cases where they have taken that position and lost. My own position is that a year and a day is all that is necessary.
This quote is just one of 2 total Stephen Wayner quotes in our collection. Stephen Wayner is known for saying 'Since the 2004 Jobs Act, the requirements are a little tighter. Now, the taxpayer must hold the acquired property for five years, in addition to living in it as his personal residence for at least two years.' as well as some of the following quotes.