Protax revisits IRC Sec 121- Exclusion of Gain on Sale of Principal Residences-.rules re the 5 year window, the use and ownership tests, the 2 year rule and that the home must be your Main Home. Many homeowners across the country have seen their home values increase in recent years. According to the National Association […]
IRS explains in Tax Tip 2023-81 the application of IRC Sec 121- Exclusion of Gain on Sale of a Principal Residence, $250,000 per spouse–keep in mind that the home must be your Main Home and you must BOTH Own and Live in it or use it for at least 2 years, 34 months or 730 […]
