Taxes - Selling your Primary Residence
Section 121 Tax Exclusion
Gain on a home sale may be partially or completely protected by the exclusion under Code Sec. 121. A taxpayer may exclude up to $250,000 ($500,000 for certain joint return filers) of gain from the sale or exchange of property owned and used as his principal residence for two of the preceding five years, unless he excluded gain from another sale or exchange during the preceding two years. Even if the two-out-of-five-year ownership and use rule isn't met, a taxpayer
is allowed a reduced maximum exclusion if the sale or exchange was because of a change in place of employment, health, or unforeseen circumstances.
Contact the local H & R Block to confirm your particular situation.
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