Copyright 1997, Marc S. Weissman
Weiss & Weissman, San Francisco, California
(650) 574-0362
To Contact us: email
Phone/Fax/Mail
Homepage

Return to Newsletter Directory
Return to Tax Directory
Return to Real Estate Directory
Return to Home Page

1997 TAX ACT HOME SALE PROFIT WORKSHEET

This Worksheet applies to:
  1. sales after May 7, 1997
  2. is optional for sales between May 7 and August 5, 1997;
  3. and is optional in several narrow circumstances.

The old (and the continuing California State) rules are in the 2 Year Rollover Brochure.
For a Worksheet to help compute the taxable profit on the sale of your home under the old rules (and continuing California rules), see 1034 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 the 1997 Tax Act. 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
    [Your existing or original mortgages have
    no bearing on the profit computation.]
 $

-
-
-
-
-
-------------------------------0-

2. ADJUSTED SALES PRICE$
3. BASIS
  • Initial Basis
    • Inherited (Date of Death Value) OR
    • Cost of current home
  • Less profit previously rolled over tax free
    (all profit from all prior homes rolled over tax free
    using the pre-1997 law)
  • Plus Capital Improvements
  • Less Depreciation (rented/home office)
TOTAL BASIS 		$
4. PROFIT (2 - 3)$
5. Exclusion:
  • Married and Qualified?
    - 500,000

  • Single
    - 250,000
6. TAXABLE PROFIT (4 - 5)$

Return to New 1997 Tax Rules for Home Sales
Return to Newsletter Directory
Return to Home Owner Tax Rules
Return to Tax Directory
Return to Real Estate Directory