Taxpayers meeting certain requirements may be allowed to exclude at least a portion of gain realized on the sale of a principal residence.

Question

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Taxpayers meeting certain requirements, such as owning and using the property as their principle residence for at least two out of the five years before the sale, may be allowed to exclude up to $250,000 ($500,000 for married couples filing jointly) of gain realized on the sale of a principal residence.

Taxpayers Meeting Certain Requirements May Be Allowed to Exclude at Least