This primary-home sale exclusion does not apply if the home was not your primary residence, in which case you’ll owe the usualcapital gainstax on the entire gain.11 Keep in mind that the gain counts as a source of foreign income, so it will be eligible for theforeign tax credit...
earthquake is declared a federal disaster. Your insurance company covers $3,000 of the damages. To calculate what you can claim on your taxes, you would start by subtracting the amount of any insurance or other reimbursements from the total damages, followed by the $100 per loss exclusion: ...
Other provisions include the increase of the unified credit limit, tax exclusion from the sale of a personal residence, tax relief for education and retirement savings, and a $1.3 million exclusion for farms and small businesses. [Pictured: President William Clinton and Vice President Al Gore ...