Section 15.36 Nonrecognition of Gain on Sale of Principal Residence
| Library | Family Law Deskbook and 2014 Supp |
C. (§15.36) Nonrecognition of Gain on Sale of Principal Residence
Homeowners may exclude up to $500,000 in gain from the sale of a principal residence—$250,000 for single taxpayers—every two years. I.R.C. § 121. This provision may be exercised by the taxpayer regardless of age. See I.R.C. § 121(b)(1) and (2). This provision replaced a former provision under I.R.C. § 121, which provided taxpayers age 55 and over with a one-time exclusion of up to $125,000 in taxable gain on the sale of the principal...
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