Question

What tax reform act did away with capital gains on your home?

a) Tax Reform Act of 1986
b) Tax Cuts and Jobs Act of 2017
c) Taxpayer Relief Act of 1997
d) Economic Growth and Tax Relief Reconciliation Act of 2001

Answer 1

The Tax Reform Act of 1986 eliminated capital gains on homes and simplified the tax code.

Step-by-step explanation:

The tax reform act that did away with capital gains on your home was the Tax Reform Act of 1986. This act was a sweeping tax reform law that simplified the tax code and eliminated some tax shelters and methods used to hide income or reduce tax burden. It reduced the top tax rates for wealthy individuals from 50 percent to 28 percent while raising the minimum tax rate to 15 percent.