Age 55 and the $125000 home gain exclusion rules
The article explains eligibility to exclude up to 125000 of home sale gain from income tax. Requirements include age 55 before sale, 3 of 5 years ownership and residence, neither spouse having claimed before, and an election on the tax return. If one spouse meets criteria and owns the home jointly, the exclusion can apply. It can be used only once and may be combined with other tax provisions for greater savings.
MENTIONED IN THIS ARTICLE
Sam
Mortgage Points Deductibility When Refinancing
In 1994, points paid to buy down mortgage interest are deductible as a mortgage expense over the life of the new loan. Unlike the initial purchase, refinanced points are not deductible upfront. If undeducted points remain from a prior refinance, they can be deducted if the new loan is with a different lender.
Seller Paid Points Tax Change in 1994 Announcement
Uncle Sam announced in 1994 that seller paid points on principal residence purchases are retroactive to tax years starting in 1991. The notice clarifies treatment of selling costs and home loan points under prior rules.
MENTIONED IN THIS ARTICLE
Souther
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