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Excluding Gain from a Residence Following Divorce
Excluding Gain from a Residence Following Divorce
A taxpayer can generally exclude from taxable income up to $250,000 ($500,000 for qualifying joint filers) of gain from the sale of a home owned and used as a principal residence for at least two of the five years before the sale (the ownership and use tests).
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A taxpayer can generally exclude from taxable income up to $250,000 ($500,000 for qualifying joint filers) of gain from the sale of a home owned and used as a principal residence for at least two of the five years before the sale (the ownership and use tests).
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