A married couple filing a joint tax return is eligible to exclude up to $500,000 of gain realized on the sale of a personal residence if both spouses meet the ownership test and at least one spouse meets the use test.
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Q8: When determining the number of days a
Q9: To be allowed to exclude gain on
Q10: For tax purposes a dwelling unit is
Q11: A personal residence is not a capital
Q12: A taxpayer who otherwise meets the ownership
Q14: For determining whether a taxpayer qualifies to
Q15: Taxpayers meeting certain requirements may be allowed
Q16: In general terms, the tax laws favor
Q17: In certain circumstances, a taxpayer who does
Q18: The tax law places a fixed dollar
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