PPR in the US
28th August 2008
For a short summary of the PPR equivalent legislation in the US and forthcoming changes to it, see a post by Lylene on the Bellingham Real Estate Blog. It seems that it is not a full exemption, but exempts on the first $250,000 profit per person.
Lylene writes:
“Currently, if a person sells a house for a profit (capital gain) after living in it as their primary residence for 2 of the past 5 years, there is no capital gain tax due on $250,000 of the gain for a single person or $500,000 for a couple. They are free to do whatever they want with the money and there are no age restrictions.”
The change is:
“If that home was converted to a personal home from a rental or vacation property, capital gain tax will be due on that percentage of the gain equivalent to the percentage of time that the house was used other than as a primary residence since January 1, 2009.”
Link: The post can be found here.
