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  2. Taxpayer Relief Act of 1997 - Wikipedia

    en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997

    The act permanently exempted from taxation the capital gains on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This exemption applies to residences the taxpayer(s) lived in for at least two years over the last five. Taxpayers can only claim the exemption once every two years. [4]

  3. Homestead exemption - Wikipedia

    en.wikipedia.org/wiki/Homestead_exemption

    Florida's homestead exemption allows an exemption of 160 acres outside of a municipality and one-half an acre inside a municipality. [6] Kentucky, for 2019 and 2020, the exemption has been set at $39,300. Once it is approved, homeowners who are 65 or older do not need to reapply for the homestead exemption each year. [7]

  4. Primary residence - Wikipedia

    en.wikipedia.org/wiki/Primary_residence

    The requirements to validate your principal residence vary and depend on the agency requesting verification. On the federal level, the taxpayer's principal residence may in general include a houseboat, a house trailer, or the house or apartment that the taxpayer is entitled to occupy as a tenant-stockholder in a cooperative housing corporation, in addition to the traditional house ...

  5. Taxation in Canada - Wikipedia

    en.wikipedia.org/wiki/Taxation_in_Canada

    If a property is designated as a primary residence for only a part of the time held, the exemption will only apply to any price appreciation or loss during the time it was a primary residence. [60] Usually, any price appreciation or loss at the time of sale will be divided evenly across the time the property was held.

  6. Homestead exemption in Florida - Wikipedia

    en.wikipedia.org/wiki/Homestead_exemption_in_Florida

    Both provisions apply automatically upon the establishment of a primary residence in Florida, but to reap the tax assessment benefits, the homestead exemption must be claimed by a filing with the local county property appraiser's office. Homestead can be lost if the homeowner abandons use of the real property as a homestead.

  7. Capital gains tax - Wikipedia

    en.wikipedia.org/wiki/Capital_gains_tax

    Corporate tax in 2024 is 21%. Capital gains from the sale of shares by a company owning 10% or more is entitled to participation exemption under certain terms. For an individual, gain from the sale of a primary private dwelling, held for at least 3 [27] years, is tax exempt. Or, when not used as a main residence, if held for more than 5 years.

  8. 421-a tax exemption - Wikipedia

    en.wikipedia.org/wiki/421-a_tax_exemption

    The 421-a tax exemption is a property tax exemption in the U.S. state of New York that is given to real-estate developers for building new multifamily residential housing buildings in New York City. As currently written, the program also focuses on promoting affordable housing in the most densely populated areas of New York City.

  9. Qualified personal residence trust - Wikipedia

    en.wikipedia.org/wiki/Qualified_personal...

    Residence trusts in the United States are used to transfer a grantor's residence out of the grantor's estate at a low gift tax value. Once the trust is funded with the grantor's residence, the residence and any future appreciation of the residence are excluded from the grantor's estate, if the grantor survives the term of the trust, as explained below.