[Federal Register Volume 63, Number 119 (Monday, June 22, 1998)]
[Notices]
[Pages 33981-33982]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16415]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 2119
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on proposed and/or continuing information collections, as required by
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
Form 2119, Sale of Your Home.
DATES: Written comments should be received on or before August 21, 1998
to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Martha R.
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Sale of Your Home
OMB Number: 1545-0072.
Form Number: 2119.
Abstract: Form 2119 is filed with Form 1040 by individuals to
report the sale of their main residence and to:
Claim the exclusion for sales after May 6, 1997, or
Elect the one-time exclusion for people who were age 55 or
older on the date of sale, or
Postpone paying tax on all or part of the gain.
Current Actions: Form 2119 will become obsolete for tax year 1998
and subsequent years, due to changes made to Internal Revenue Code
section 121 by the Taxpayer Relief Act of 1997 (particularly the
increase in the exclusion amount to $250,000/$500,000) which will allow
most taxpayers to fully exclude gain on home sales after May 6, 1997.
Taxpayers who need to figure a reduced exclusion or whose gain is more
than $500,000 should use the worksheet in Publication 523, Selling Your
Home, which will retain explanations of prior law. Any taxable gain
would be carried forward to Schedule D (Form 1040). Taxpayers who sold
homes under the prior law and who are reporting either gain or the
replacement of the home would still need to file Form 2119. A supply of
1997 Forms 2119 will be available for this purpose.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households.
Estimated Number of Respondents: 10,000
Estimated Time Per Respondent: 3 hr., 25 min.
Estimated Total Annual Burden Hours: 34,100
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained as long as
their contents may become material in the administration of any
internal revenue law. Generally, tax returns and tax return information
are confidential, as required by 26 U.S.C. 6103.
[[Page 33982]]
Request for Comments
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB approval. All comments will
become a matter of public record. Comments are invited on: (a) Whether
the collection of information is necessary for the proper performance
of the functions of the agency, including whether the information shall
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information to be collected; (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology; and (e) estimates
of capital or start-up costs and costs of operation, maintenance, and
purchase of services to provide information.
Approved: June 12, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-16415 Filed 6-19-98; 8:45 am]
BILLING CODE 4830-01-U
