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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Jan 22, 1959
Page
6
The 1954 rule lets a taxpayer defer tax on gain from selling a principal residence if a new home is bought within a year before or after the sale and the old residence’s adjusted sales price is less than the new home’s cost. Adjusted price equals selling price minus selling expenses and certain fixing up costs within 90 days before sale. If you start constructing the new home yourself, the rule still applies under conditions described.
The article explains that you may have extra time to complete and move into a new house after selling an old residence. If you bought a new home, you can extend up to six months beyond the usual one year or 18 months. The clock pauses if you serve extended active duty with the armed forces.
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