FROM THE OFFICE OF PUBLIC AFFAIRS

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Today the Treasury Department and the Internal Revenue Service issued final, temporary and proposed regulations under section 121 regarding the exclusion of gain on the sale of a principal residence.

Treasury Assistant Secretary for Tax Policy Pam Olson made the following statement:

“These rules will help people who do not meet the two year residency requirement because of unforeseen circumstances, such as divorce or loss of job, by allowing them a proportion of the exclusion that would otherwise be available. The regulations provide the relief and clarity needed by taxpayers whose circumstances change to continue on with their lives.”

The texts of the final, temporary and proposed regulations are attached and will be published by the Federal Register December 24, 2002.

The IRS press release is also attached.

Related Documents:

• IRS Press Release
• Final Regulations
• Temporary Regulations