Tax Law Changes
by Len Pytlak, C.P.A.
"The Taxpayer Relief Act of 1997" is the formal
name of the new tax laws passed this summer
by Congress and President Clinton as
part of their budget deal, but a better name might be
"The Tax Preparer's Full-Employment Act." The law
had 800 changes and 300 additions to the already
confusing laws and regulations.
Fortunately, some of these were quite favorable to
builders, as the building industry got much of what it
lobbied for in the new tax packages. Here are a few
highlights of those items affecting the industry.
Sale of Principal Residence
Effective May 7, 1997, up to $500,000 of the gain