WEISS & WEISSMAN, INC

1997 TAX ACT FREQUENTLY ASKED QUESTIONS INDEX

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New Tax Act Primary Residence Basics

• Basics
  
• How often can I use this new Rule?
  
• How does my Divorce affect the Rule?
  
• My Husband died before I sold my home.
  
• What if I did not own for 2 years?
  
• I am in a nursing home.
  
• I just got married. What's the deal?
  
• Can I get married after?
  
• I live with my friend. Can we each exclude $250,000?
  
• When can I use the old law?
  
• Rental
  
• What is depreciation recapture?
  
• Can I sell a formerly rented property every 2 years?
  
• I own a duplex. I live in half. What's the deal?
  
• What's my Basis?
  
• How soon can I convert my use?
  
• Do I need to keep my receipts for Capital improvements?
  
• What does Step-Up in Basis mean?