Primary Residence sale gain is tax exempt if lived there 2 of last 5 years

LagoonGator68

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SaleIRC section 121 allows a taxpayer to exclude up to $250,000 ($500,000 for

IRC section 121 allows a taxpayer to exclude up to $250,000 ($500,000 for certain taxpayers who file a joint return) of the gain from the sale (or exchange) of property owned and used as a principal residence for at least two of the five years before the sale.Sep 30, 2002
The Home Sale Gain Exclusion - Journal of Accountancy
 

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I doubt they were talking about the primary residence, although it's common knowledge that BNA paid in the millions for his abode.
 

LagoonGator68

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I doubt they were talking about the primary residence, although it's common knowledge that BNA paid in the millions for his abode.


It is his primary residence.
 

Bushmaster

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With the caveat that your primary residence is used as a rental property for two years before you sell it.

There would be depreciation recapture at ordinary income rates before Sec 121 kicks in. If he is paying millions for a primary residence, I hope he has a good tax advisor he can lean on.
 

Swamp Donkey

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I remember why I got a C in tax law now.
 

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