A taxpayer may be required to include in gross incomethe gain the taxpayer realizes when she sells her principal residence.

Question

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According to IRS rules, a taxpayer may be required to include in gross income the gain realized from the sale of their principal residence, unless certain exceptions apply such as the primary residence exclusion, which allows for up to $250,000 ($500,000 for married filing jointly) of gain to be excluded.

A Taxpayer May Be Required to Include in Gross Incomethe