Persons wishing to defer federal income tax on the sale of a personal residence must have lived in the residence

Name: Persons wishing to defer federal income tax on the sale of a personal residence must have lived in the residence
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Taxpayer's can obtain tax free gain free from federal income tax on the sale of a personal residence that the taxpayer occupied at least two of the last five years.Single taxpayer gets up to $250,000 and married taxpayers get up to $500,000.

Persons Wishing to Defer Federal Income Tax on the Sale