Beware: Tax Consequences in Housing Assistance Act

That delicious vacation home tax break is about to end thanks to an over zealous Congress and the Housing Rescue Bill…

As more facts are emerging about the Housing Rescue Bill, better known as the Housing Assistance Act of 2008, there is some disturbing evidence it’s not all lollipops and roses.What are the tax consequences?According to Eve Rosenberg who writes in an info-packed expose’ for Market Watch, that delicious vacation home capital gains-tax exclusion is about to end.The rules will suddenly change on January 1. 2009.That means if you’re planning to sell your vacation home to take advantage of the tax break, you’d better get on with it before the new IRS rules from the Housing Rescue Act take effect.Read Hidden tax traps in the House-Rescue-Bill

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