Mary Stone, a single individual, sold a personal residence on June 3, 2012, and excluded her $93,600 gain from gross income. If she sells another personal residence before June 4, 2014, she can exclude a maximum of $156,400 of any gain.

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The exclusion of gain from the sale of a personal residence is limited to $250,000 for single individuals and can only be used once every two years. Since Mary used the exclusion in 2012, she cannot use it again before June 4, 2014.

Mary Stone, a Single Individual, Sold a Personal Residence on June