When will new tax laws go into effect

[Bryan Feik]

If this question has already been asked I apologize. I’m considering a new primary residence but have only been in my current home for 3.5 years. I still own my previous primary residence but lived there 4.5 of the last 8 years. I’m afraid given the changes to the capital gain exception for primary residence neither of these properties will qualify. From what I understand the house and senate have approved the tax overhaul. Do we know what date these go into affect??

[Joel Cummings]

The bill that was announced yesterday did not include removing the exemption for owner occupied homes so you’re fine.