Deferred Gain on the Sale of Your Home

Description and Definition of Deferred Gain on the Sale of Your Home

Prior to May 7, 1997, if you sold your personal residence for a profit you could defer paying income tax on the gain if the next house you bought was more expensive than the one you sold. The law changed in 1997. With the new exclusion rules your home sale probably will not result in a taxable gain.

Resources

See Also

Further Reading

• Deferred Gain on the Sale of Your Home in the West's Tax Law Dictionary
• Deferred Gain on the Sale of Your Home in “A Dictionary of Taxation”