Mary Stone, a single individual, sold a personal residence on June 3, 2011, and excluded her $93,600 gain from gross income. If she sells another personal residence before June 4, 2013, she can exclude a maximum of $156,400 of any gain.

Question

Quizplus · Accepted Answer

The maximum exclusion for a subsequent sale of a personal residence after June 3, 2011, is $500,000 for married couples filing jointly and $250,000 for single individuals, not $156,400. Therefore, Mary Stone cannot exclude a maximum of $156,400 of any gain if she sells another personal residence before June 4, 2013.

Mary Stone, a Single Individual, Sold a Personal Residence on June