1998 Minnesota Statutes

     518.583 Capital gain on sale of principal residence. 

    All judgments and decrees involving a principal residence 
 must include the following notice to the parties as a finding of 
 fact or as an appendix: 

           "CAPITAL GAIN ON SALE OF PRINCIPAL RESIDENCE

    Income tax laws regarding the capital gain tax may apply to 
    the sale of the parties' principal residence and the 
    parties may wish to consult with an attorney or tax advisor 
    concerning the applicable laws.  These laws may include, 
    but are not limited to, the exclusion available on the sale 
    of a principal residence for those over a certain age under 
    section 121 of the Internal Revenue Code of 1986, or other 
    applicable law." 

    HIST: 1990 c 574 s 20; 1993 c 322 s 13