Copyright 1997, Marc S. Weissman
Weiss & Weissman, San Francisco, California
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HOME SALE PROFIT/ROLLOVER WORKSHEET

This Worksheet applies to:

sales prior to May 7, 1997
is optional for sales between May 7 and August 5, 1997;
and is optional in several narrow circumstances.

The new rules are in the 1997 Tax Act.

To figure the taxable income under the new 1997 rules, see 1997 Act Worksheet.

This worksheet is intended to allow you to determine the potentially taxable profit on the sale of your residence, on the assumption that you qualify under Section 1034 (the two year rollover) or the Over-55 Rule. Before acting on any matter contained herein, you should consult with your personal tax adviser.

1. SALES PRICE Less Commissions Less Costs of Sale (escrow fees, transfer tax) Less Credits to Buyer Do NOT adjust for Mortgage	$ - - - - - -------------------------------0-
2. ADJUSTED SALES PRICE	$
3. BASIS Initial Basis Inherited (Date of Death Value) OR Cost Less Previously rolled over profit Plus Capital Improvements Less Depreciation (rented/home office)	$
4. BASIS	$
5. PROFIT (2 - 4)	$
Over 55 and Qualified? Not qualified for Over 55	- 125,000 -0-
6. MAXIMUM TAXABLE PROFIT	$
ROLLOVER / OVER 55 7. ADJUSTED SALES PRICE (line 2)	$
Over 55 and Qualified? Not qualified for Over 55	- 125,000 -0-
8. TARGET TO AVOID ALL TAX	$
9. NEW HOME COST + Improvements w/in 2 years of sale	$ +
10. TOTAL NEW HOME COST	$
11. TAXABLE PROFIT (8 - 10, but not more than line 6)	$
BASIS OF NEW HOME 12. COST (line 10) Less ROLLED OVER PROFIT (6 - 11)	$
13. BASIS OF NEW HOME	$

The new rules are in the 1997 Tax Act.

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