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. Accor...Click here for more
Archive for the ‘Sale of Principal Residence’ Category.
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 days in the 5 yea...Click here for more