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 Taxpayer Relief Act of 1997 (Pub.L. 105â34, H.R. 2014, 111 Stat. 787, enacted August 5, 1997) reduced several federal taxes in the United States.Starting in 1998, a $400 tax credit for each child under age 17 was introduced, which was increased to $500 in 1999.This credit was phased out for high income families. Pub.L. 105-34, Taxpayer Relief Act of 1997 (readable online). 2  H.R. 2014, Taxpayer Relief Act of 1997. 3  105th Congress / House / 1st session / Vote 350 final vote results on H R 2014: Revenue Reconciliation Act of 1997, by various groups and by individuals, from the Washington Post.