Quick Links
Volume 1
Volume 2
- Financial Statements
- Capital Budget
- Preambles & Sections 1-1C
- Appropriations Recommendations
- Operating Transfers
- Local Aid - Section 3
- Outside Sections Summary
- Tax Expenditure Budget
- Resources - PDF Files
Other Legislation
1.021 -Exemption of Capital Gains on Home Sales
Item | Description | FY2012 | 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 | |
IRC | Federal 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. |
top of page