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A top rate of 20% (drop from 28%) for investments held for at least 18 months (12 months if investment was sold before July 29, 1997)
An 18% rate for assets purchased after 2000
and held at least five years
A top rate of 10% for 18 month assets and 8% for
5 year assets for joint filers with incomes less than $41,200 (in 1998)
A $500,000 exclusion for home sales for joint filers, $250,000 for single filers, can be claimed once every two years. The old rollover provision and the $125,000 exemption for 55 or older are eliminated.
Effective date for sales after May 6, 1997 |
