Correction


An article in January, “Home Free,” misstated a rule for excluding gain under IRC section 121 from the sale of a home acquired in an IRC section 1031 like-kind exchange. The home must have been held five years but does not have to be used as a principal residence for that period. The JofA regrets the error.

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Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.