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Section 121 aka best tax code ever

11/29/2022

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Taxpayers may exclude the gain from the sale of a main home by up to $250,000 for single filers and up to $500,000 for married filing jointly. 
Eligibility requirements for Section 121
  • Sold main home
  • Meets ownership and use test
  • Have not excluded gain in the prior 2 years to the current sale of home
Ownership and use test
During the five year period ending on the date of the sale the taxpayer must have: 
  • Owned the home for at least 2 years AND
  • lived in the home as their main home for at least 2 years
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