On the other hand, the amount you receive at closing is the sales price less the closing costs less the amount owed on the home. Capital gain has nothing to do with how much is owed on the home. So to compute capital gain you need to know the amount realized on the sale and the adjusted basis of the asset sold.The amount realized is the selling price less the selling expenses.apital gain has nothing to do with how much is owed on the home. So to compute capital gain you need to know the amount realized on the sale and the adjusted basis of the asset sold. The amount realized is the selling price less the selling expenses.
On October 22, 1986President Reagan signed into law the Tax Reform Act of  1986. Among its provisions, the law required that every dependent age 5 or older listed on a tax return had to have their own Social Security number. This new requirement doubled SSA's enumeration workload in the following year.
The U.S. Congress passed the Tax Reform Act of 1986 to simplify the income tax code, broaden the tax base and eliminate many tax shelters. Referred to as the second of the two Reagan tax cuts, the bill was also officially sponsored by Democrats, Richard Gephardt of Missouri in the House of Representatives and Bill Bradley of New Jersey in the Senate. The Tax Reform Act of 1986 was given impetus by a detailed tax-simplification proposal from President Reagan's Treasury Department, and was desig