Mary Stone, a single individual, sold a personal residence on June 3, 2018, and excluded her $93,600 gain from gross income. If she sells another personal residence before June 4, 2020, she can exclude a maximum of $156,400 of any gain.

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The IRS allows the exclusion of gain from the sale of a personal residence up to $250,000 for single filers (or $500,000 for married filing jointly) once every two years. If Mary excluded gain in 2018, she must wait until after June 3, 2020, to exclude gain on another sale, and the maximum exclusion would still be up to $250,000, not $156,400.

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