REFUNDS ON HOME SALES

Physician's Money Digest, May 31 2003, Volume 10, Issue 10

When the government eased therules on capital gains taxes on homesales back in 1997, the new guidelinesweren't all that clear and manyhome sellers may have paid taxes ontheir profits unnecessarily. If you'reone of them, you may have a windfallcoming from Uncle Sam. If yousold your home in 1999 or beforethen, however, you're out of luck;you need to file an amended returnwithin 3 years of the sale to get abreak, which means an amendedreturn for a 1999 sale would havehad to be filed by April 15 of thisyear. But a home sale in 2000 andafter may qualify; talk to youraccountant to see if it does.