Tax reform, capital gains, am I screwed?

[Parnassia]

Originally Posted by Schmooky

The assertion that it isn’t is a baseless talking point with an agenda that is predicated upon preservation instead of conservation, and has no regard for the people who actually have claim on the land.

Ahem; Unless you happen to be Gwich\'in represented by the Arctic Slope Regional Corporation, the only "claim" you have is the one you have on your employer...to treat you honestly while you work for them (wherever that happens to be).

Apologies to the mods for furthering thread drift.

[jackmichigan]

Originally Posted by Nikki Siam

We had it in writing and took the letter to the audit and were told they aren't accountable for anything an agent might have told you.

The best thing to have in writing from the IRS would be a Private Letter Ruling. They're not for everyone, as the IRS charges a steep fee to get one, but that would be the best written guidance to have from the IRS.

Unfortunately, Private Letter Rulings do not create precedence, so it's still advisable to rely on lawyers or CPAs who keep up on tax court rulings.

[artillery77]

I think the OP has his answer where it doesn't look things are changing, but is there a way of putting a seller contingency in a situation like this? That is, seller accepts offer at price x if deal is completed by December 29, otherwise price y....or a penalty?

[BoBromhal]

anything you can write in the contract that both parties agree to.

On several occasions, I've had it be very clear "cannot close before _____ date" because the Seller has to hit the 2 year mark. At least once, I've had it "must close by_____" because they were going to hit the 3 years out of the house mark.