Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
Regulation 1997-4 - Comprehensive Individual Income Tax Regulations
Rule 26-51-404 - GROSS INCOME GENERALLY
Rule 1.26-51-404(b)(2) - Gain on Sale or Exchange of Principal Residence

Universal Citation: AR Admin Rules 1.26-51-404(b)(2)

Current through Register Vol. 49, No. 9, September, 2024

Gross income shall not include the gain resulting from the sale or exchange of real estate located within Arkansas when all of the following conditions are met:

(a) the real estate sold or exchanged by the taxpayer was the taxpayer's principal residence;

b) the taxpayer uses the *gain within a four (4) year period, beginning two (2) years prior to the date of sale or exchange and ending two (2) years after that date, to purchase, build or restore a new parcel of real estate;

c) the new parcel of real estate is located within Arkansas; and

d) the new parcel of real estate is used or will be used by the taxpayer as his principal place of residence.

*This exclusion from gross income shall only apply to that portion of the "gain" actually used to purchase, build or restore the new parcel of real estate.

Gain shall be computed as set forth in ACA 26-51-411(d).

Disclaimer: These regulations may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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