Taxpayers meeting certain home ownership and use requirements can permanently exclude up to $1,000,000 of realized gain on the sale of their principal residence.

Name: Taxpayers meeting certain home ownership and use requirements can permanently exclude up to $1,000,000 of realized gain on the sale of their principal residence.
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Taxpayers can exclude up to $250,000 ($500,000 for married couples filing jointly) of gain from the sale of their principal residence, not $1,000,000.

Taxpayers Meeting Certain Home Ownership and Use Requirements Can Permanently