Governor Charles D. Baker's Budget Recommendation - House 1 Fiscal Year 2016

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1.021 -Exemption of Capital Gains on Home Sales


Item DescriptionFY2012 FY2013 FY2014 FY2015 FY2016
1.021 Exemption of Capital Gains on Home Sales
Taxpayers may exclude up to $250,000 of capital gain (or $500,000 if filing jointly) on the sale of a principle residence. This exclusion from gross income may be taken any number of times, provided the home was the filer's primary residence for an aggregate of at least 2 of the previous 5 years.

Comment: Massachusetts does not adopt the cancellation of Indebtedness on Principal Residence; for federal tax purposes, the exclusion from gross income for qualified principal residence indebtedness that was discharged has been extended until December 31, 2014. Massachusetts does not adopt the extension of the exclusion because IRC S. 108(a)(1)(E) was enacted after January 1, 2005.

Origin:  IRC S. 121
Estimate:  $367.6
301.6 301.7 292.4 326.5 367.6

Key:

ORIGIN  
IRCFederal Internal Revenue Code (26 U.S.C.)
U.S.C United States Code
M.G.L. Massachusetts General Laws
Rev. Rul.; C.B. Revenue Ruling; Cumulative Bulletin of the U.S. Treasury
ESTIMATES All estimates are in $ millions.


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