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

Question

Quizplus · Accepted Answer

This is true. Taxpayers who meet certain requirements - such as owning and using their home as their primary residence for at least two out of the past five years - may be eligible to exclude up to $250,000 ($500,000 for married taxpayers filing jointly) of gain realized on the sale of their principal residence.

Taxpayers Meeting Certain Requirements May Be Allowed to Exclude at Least