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Posted on 11/28/16 at 1:59 pm to ThatsAFactJack
Section 121
If there was a gain, it would not be recognized if you have resided in the property for 2 of the last 5 years.
If there was a gain, it would not be recognized if you have resided in the property for 2 of the last 5 years.
This post was edited on 11/28/16 at 2:02 pm
Posted on 11/28/16 at 2:01 pm to ThatsAFactJack
quote:
Section 121- can you breakdown for the lay person?
You can exclude from income any gain up to $250k (500K if you're married filing joint) on the sale of your principle residence.
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