Nitti, You Sold Your House — Is The Gain Taxable?

According to Nitti, Section 121 of the Internal Revenue Code has, for the past 22 years, allowed homeowners of any age to exclude gain on the sale of a “principal residence” provided that the following three standards are met:

  1. You owned the home for two of the five years preceding the sale (the “ownership test),”
  2. You used the home for two of the five years preceding the sale (the “use test”), and
  3. You haven’t taken advantage of the Section 121 exclusion in the two years preceding the sale (the “once-every-two-years rule”).

Download the full article by clicking Nitti, You Sold Your House — Is The Gain Taxable?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s