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  2. Internal Revenue Code section 1031 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    Step 3. Enter into a 1031 exchange agreement with the Qualified Intermediary, in which the Qualified Intermediary is named as principal in the sale of the relinquished property and the subsequent purchase of the replacement property. The 1031 Exchange Agreement must meet with federal tax law requirements, especially pertaining to the proceeds.

  3. Homestead exemption - Wikipedia

    en.wikipedia.org/wiki/Homestead_exemption

    New York prevents a New York resident claiming this exemption if the New York resident owns property in another state and claims a similar exemption in that other state. Oklahoma allows a $1000 deduction of the assessed valuation, about $75 to $125 of savings per year, if owners file for homestead exemption with the local county clerk.

  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. Land value tax - Wikipedia

    en.wikipedia.org/wiki/Land_value_tax

    The principal residence, primary production land and land used by a charity are exempt from land tax. [78] In Tasmania the threshold is $25,000 and the audit date is 1 July. Between $25,000 and $350,000 the tax rate is 0.55% and over $350,000 it is 1.5%. [ 79 ]

  6. Tax exemption - Wikipedia

    en.wikipedia.org/wiki/Tax_exemption

    Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.

  7. 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]

  8. Personal exemption - Wikipedia

    en.wikipedia.org/wiki/Personal_exemption

    The personal exemption amount in 1894 was $4,000 ($109,277 in 2016 dollars). The income tax enacted in 1894 was declared unconstitutional in 1895. The income tax law in its modern form—which began in the year 1913—included a provision for a personal exemption amount of $3,000 ($71,764 in 2016 dollars), or $4,000 for married couples.

  9. 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.