A: Because it reverses the flow of the dialogue.
Q: Why is top-posting frown on in newsgroups?

"John Baker" <Baker.JH[at]Verizon.net> wrote:

- quote -

http://www.massdor.com/help/guides/a...s/princres.htm

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If you are married, you have claimed no depreciation for
home office or rental, you or your spouse has owned and both
have used used home as your primary residence for 24 months
out of ther 5 years prior to the sale, then there is no tax
to the Commonwealth of Ma either.

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John Baker wrote:

- quote -

Massachusetts conforms to IRC Sec. 121. If your sale
qualifies for the exclusion for federal income tax purposes,
the gain will also be excluded for Massachusetts purposes.
Mass. Gen. L. Chapter 62 =A7 2(a)(3)(B).

Katie in San Diego

The foregoing is intended for educational purposes only and
does not constitute legal or professional advice.

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John Baker <Baker.JH[at]Verizon.net> writes:

- quote -

Massachusetts conforms to federal treatment. So if the
ownership and occupancy tests are met, the first $250,000 of
gain is excluded from tax ($500,000 if MFJ). Any taxable
gain would be taxed at 12% (if short term) or 5.3% (if
long-term).

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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I am about to sell my home, and although there will be no
tax consequences under the Federal tax code, I am wondering
about state taxes in Massachusetts.

Can someone give me a quick summary of the impact of a
$450,000 profit [sales - (purchase price + improvements over
40 years] under the Mass tax code?

Thanks

John Baker

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