Taxpayer Relief Act of 1997

This Is A Summary Page
The below topics are discussed in more depth on
our members' Tax Payers Relief Act of 1997 page.

Non-Members' Homepage

Overview

      The Taxpayer Relief Act of 1997 wa s the first major change in the U.S. Tax Code since the Tax Reform Act of 1986. The Act focuse d its tax breaks on five principle areas:

• Capital gains;
• Expanded IRAs;
• Estate and gift Taxes;
• Child tax credits;
• Education incentives.

      Although the Act modifie d a large portion of the Tax Code, the information we address here is limited to changes affecting RHOL members in the buying and selling of real property. Unless noted to the contrary, all changes became effective for transactions occurring on or after May 7, 1997.

TRA changes affected t he following:

• Marginal Tax Rates
• Calculating Gain on the Sale of Real Property
• Deprecation
• Deferred Gain Rollovers

The above topics are discussed in more depth on
our members' Tax Payers Relief Act of 1997 page.

Non-Members' Homepage