Home/Residence-Related Tax Changes | |
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Discharge of Qualified Principal Residence Indebtedness The Emergency Economic Stabilization Act of 2008 extended the exclusion from gross income for the discharge of qualified principal residence indebtedness by an additional 3 years. Exclusion on Sale of Main Home by Surviving Spouse For sales after 2007, the maximum exclusion on the sale of a main home by an unmarried surviving spouse is $500,000 if... First-Time Homebuyer Credit If you are a first-time homebuyer you may be able to claim a one-time tax credit. New Rule for Employees and Volunteers of the Peace Corps If you or your spouse is an employee, enrolled volunteer, or volunteer leader of the Peace Corps, you may be able to exclude from income a gain from selling your main home. Sale of Main Home Gain from the sale or exchange of the main home is no longer excludable from income if allocable to periods of nonqualified use. |
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Page Last Reviewed or Updated: July 09, 2009