A taxpayer must have owned and lived in a personal residence at least two of the last five years in order to qualify for the maximum exclusion of gain on sale of that residence.

Question

Quizplus · Accepted Answer

This is true according to the IRS rules. If the taxpayer meets this requirement, they can exclude up to $250,000 of gain on the sale of their primary residence if filing as single or up to $500,000 if married filing jointly.

A Taxpayer Must Have Owned and Lived in a Personal