Limitations and Special Rules on Recapture Tax Clause Samples

Limitations and Special Rules on Recapture Tax. 1. If you give away your home (other than to your spouse or ex-spouse incident to divorce), you must determine your actual recapture tax as if you had sold your home for its fair market value. 2. If your home is destroyed by fire, storm, flood, or other casualty, there generally is no recapture tax if, within two years, you purchase additional property for use as your principal residence on the site of the home financed with your original subsidized mortgage loan. 3. In general, except as provided in future regulations, if two or more persons own a home and are jointly liable for the subsidized mortgage loan, the actual recapture tax is determined separately for them based on their interests in the home. 4. If you repay your loan in full during the nine-year recapture period and you sell your home during this period, your holding period percentage may be reduced under the special rule in Section 143(m)(4)(C)(ii) of the Internal Revenue Code. 5. Other special rules may apply in particular circumstances. You may wish to consult with a tax advisor or the local office of the Internal Revenue Service when you sell or otherwise dispose of your home to determine the amount, if any, of your actual recapture tax. See Section 143(m) of the Internal Revenue Code generally. TABLE (COLUMN 2) ADJUSTED QUALIFYING INCOME DATE THAT YOU SELL YOUR HOME (COLUMN 1) HOLDING PERIOD PERCENTAGE NUMBER OF FAMILY MEMBERS LIVING IN YOUR HOME AT THE TIME OF SALE 2 OR LESS 3 OR MORE Before the first anniversary of closing (See note below) 20% $ * $ * On or after the first anniversary of closing, but before the second anniversary of closing 40% $ * $ * On or after the second anniversary of closing, but before the third anniversary of closing 60% $ * $ * On or after the third anniversary of closing, but before the fourth anniversary of closing 80% $ * $ * On or after the fourth anniversary of closing, but before the fifth anniversary of closing 100% $ * $ * On or after the fifth anniversary of closing, but before the sixth anniversary of closing 80% $ * $ * On or after the sixth anniversary of closing, but before the seventh anniversary of closing 60% $ * $ * On or after the seventh anniversary of closing, but before the eighth anniversary of closing 40% $ * $ * On or after the eighth anniversary of closing, but before the ninth anniversary of closing 20% $ * $ * Note: Closing means the closing date for your loan.
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Limitations and Special Rules on Recapture Tax. 1. If you give away your single family residence (other than to your spouse or ex-spouse incident to divorce), you must determine your actual recapture tax as if you had sold your single family residence for its fair market value. 2. If your single family residence is destroyed by fire, storm, flood, or other casualty, there generally is no recapture tax if, within two years, you purchase additional property for use as your principal residence on the site of the single family residence financed with your original subsidized mortgage loan. 3. In general, except as provided in future regulations, if two or more persons own a single family residence and are jointly liable for the subsidized mortgage loan, the actual recapture tax is determined separately for them based on their interests in the single family residence. 4. If you repay your loan in full during the nine year recapture period and you sell your single family residence during this period, your holding period percentage may be reduced under the special rule in section 143(m)(4)(C)(ii) of the Internal Revenue Code. 5. Other special rules may apply in particular circumstances. You may wish to consult with a tax advisor or the local office of the Internal Revenue Service when you sell or otherwise dispose of your single family residence to determine the amount, if any, of your actual recapture tax. See section 143(m) of the Internal Revenue Code generally.
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Limitations and Special Rules on Recapture Tax. 1. If you give away your home (other than to your spouse or ex-spouse incident to divorce), you must determine your actual recapture tax as if you had sold your home for its fair market value. 2. If your home is destroyed by fire, storm, flood, or other casualty, there generally is no recapture tax if, within two years, you purchase additional property for use as your principal residence on the site of the home financed with your original subsidized mortgage loan. 3. In general, except as provided in future regulations, if two or more persons own a home and are jointly liable for the subsidized mortgage loan, the actual recapture tax is determined separately for them based on their interests in the home. 4. If you repay your loan in full during the nine-year recapture period and you sell your home during this period, your holding period percentage may be reduced under the special rule in Section 143(m)(4)(C)(ii) of the Internal Revenue Code. 5. Other special rules may apply in particular circumstances. You may wish to consult with a tax advisor or the local office of the Internal Revenue Service when you sell or otherwise dispose of your home to determine the amount, if any, of your actual recapture tax. See Section 143(m) of the Internal Revenue Code generally.
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