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Tax Gain On Sale Of Home Not Allowed To Be Rolled Over
An appeals court has upheld a tax court decision denying a couple the right to roll over gain on the sale of a house because it was not their principal residence.
The husband had acquired property in Coronado, California for business purposes. When he liquidated the business, he and his wife took title jointly. Later the couple sold their Coronado property, reporting the sale as a sale of their principal residence and deferring a $500,000 gain.
Nonetheless, the couple had another home in Riverside, California, which they bought in 1993, where they raised their children from 1973 to 1980 and where they lived until 1993.
The Riverside home was their primary residence, not the Coronado home.
Beall v. Commissioner, No. 98-71357 (9th Cir., June 8, 2000).
Source: Investment News, August 21, 2000
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