Wyatt sells his principal residence in December 2018 and qualifies for the § 121 exclusion. He sells another principal residence in November 2019. Under no circumstance can Wyatt qualify for the § 121 exclusion on the sale of the second residence.

Question

Quizplus · Accepted Answer

While only one home can qualify for the § 121 exclusion in a given year, Wyatt can still qualify for the exclusion on the sale of his second principal residence if he meets the ownership and use tests and has not claimed the exclusion on another home within the past two years.

Wyatt Sells His Principal Residence in December 2018 and Qualifies