[20050412]RS22113_出售通过同类交易获得的主要住宅.pdf

Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS22113April 12, 2005The Sale of a Principal Residence AcquiredThrough a Like-Kind ExchangeGregg EsenweinSpecialist in Public FinanceGovernment and Finance DivisionSummaryWhen business or investment property is exchanged for property of a “like kind,”(often referred to as a 1031 exchange) no gain or loss is recognized on the exchange, andtherefore, no tax is paid at the time of the exchange on any appreciation in the value ofthe property . The like-kind exclusion is sometimes combined with the exclusion of taxon the gain from the sale of a principal residence. In effect, this combination can allowtaxpayers to avoid paying tax on the gain from the sale of their investment property.The American Jobs Creation Act of 2004, enacted on October 22, 2004, addressedthis issue of combining like-kind exchanges with the exclusion of tax on the sale of aprincipal residence. As of the date of enactment, the exclusion for gain on the sale ofa principal residence no longer applies if the principal residence was acquired in a like-kind exchange within the past five years. In effect, t