Wyatt sells his principal residence in December 2016 and qualifies for the § 121 exclusion.He sells another principal residence in November 2017.Under no circumstance can Wyatt qualify for the § 121 exclusion on the sale of the second residence.

Question

Quizplus · Accepted Answer

While the § 121 exclusion requires that the taxpayer not have excluded gain from the sale of another principal residence within the past two years, Wyatt would be eligible for the exclusion on the sale of his second residence as long as he meets all other eligibility requirements, including owning and using the property as his principal residence for at least two of the five years before the sale.

Wyatt Sells His Principal Residence in December 2016 and Qualifies