Section 876 IAC 2-8-15 - Federal income taxation of homeownershipAuthority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 15.
(a) The competency and instructional level for subdivisions (1) through (2) is Level 3. The following are concepts of deductions from income for homeowners: (2) Mortgage interest (limited deductions).(b) The competency and instructional level for subdivisions (1) through (5) is Level 3. (Students should be afforded practice in performing the various computations associated with taxation of gain on the sale of personal residence.) The following are concepts of the sale of personal residence: (1) Basis and adjusted basis.(2) Determination of gain or loss.(3) Nature of gain or loss.(4) Deferral of taxation on gain ("rollover" provisions).(5) Exclusion of gain by taxpayer over age fifty-five (55).Indiana Real Estate Commission; 876 IAC 2-8-15; filed Dec 1, 1989, 5:00 p.m.: 13 IR 650; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA; readopted filed November 25, 2013, 9:21 a.m.: 20131225-IR-876130283RFA