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Section 121 Exclusion is an IRS rule that allows you to exclude from taxable income a gain of up to $250,000 from the sale of your principal residence. A couple filing a joint return gets to exclude up to $500,000. To get the exclusion a taxpayer must own and use the home as their main residence for a period adding up to two years out of the five years before it is sold.

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This is not specific legal or tax advice. This is educational only. Please consult with a legal and tax professional with regard to your specific needs.

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lawmotherco

2024-04-14 11:57:00

i just sold my house and made two hundred thousand dollars in profit i'm gonna invest actually you owe seventy thousand in taxes pay up i'm not paying that
i hope you like orange jumpsuits because you're going to prison she doesn't know i follow law mother watch this
actually i've lived in the house for two of the past five years so i pay zero and capital gains tax thanks to section one twenty one
here right how did you learn this i follow law mother and you should too