Wyatt sells his principal residence in December 2015 and qualifies for the § 121 exclusion.He sells another principal residence in November 2016.Under no circumstance can Wyatt qualify for the § 121 exclusion on the sale of the second residence.

Question

Quizplus · Accepted Answer

While Wyatt cannot claim the § 121 exclusion for the second residence in November 2016 if he has already claimed it for the sale in December 2015, there are certain circumstances under which he may be able to claim a partial exclusion or a different tax benefit. It would depend on the specific details of his situation.

Wyatt Sells His Principal Residence in December 2015 and Qualifies