Exeter News Wire
William L. Exeter
President and Chief Executive Officer
Exeter 1031 Exchange Services, LLC
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FOR IMMEDIATE RELEASE
Housing and Economic Recovery Act of 2008 Affects Investment Property
Affects Tax-Free Exclusion on Sale of Primary Residence Under Section 121
July 30, 2008--San Diego, California--President George W. Bush signed the Housing and Economic Recovery Act of 2008 (H.R. 3221 Housing Act of 2008) into law today. The Housing Act of 2008 is designed to help homeowners avoid foreclosure, spur home buying and prop up struggling mortgage giants Fannie Mae and Freddie Mac.
"However, there were other provisions contained within the Housing Act of 2008 that real estate investors and homeowners need to be aware of," said William L. Exeter, president and chief executive officer, Exeter 1031 Exchange Services, LLC.
Mr. Exeter continued, "There are provisions within the Housing Act of 2008 that may affect the ability of property owners to exclude capital gains from their taxable income when they sell their primary residence if their primary residence was used for non qualified use prior to when it was used as a primary residence."
Read the summary of the changes to Section 121 of the Internal Revenue Code.
This change to Section 121 of the Internal Revenue Code affects any sale of a primary residence after December 31, 2008, and, under an extremely generous transition or phase out rule, is based only on "non qualified use" time periods that begin after December 31, 2008.
The Housing Act of 2008 also includes provisions that address first time home buyer tax credits, a property tax deduction for non-itemizers, a low income housing tax credit, mortgage revenue bonds, tax exempt housing bonds, REIT reforms, and other incentives and tax breaks.
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