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Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12554
Experience:  25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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A person come to you and says they desire to sell their home

Resolved Question:

A person come to you and says they desire to sell their home is their principal residence but they have not lived in it for some time, trough they still call it home.what code section do you turn to for guidance and what are all the parameters you can think of that deal with the issues of taxation on the sale of a principal residence? (code 121)
Submitted: 7 years ago.
Category: Legal
Expert:  Andrea, Esq. replied 7 years ago.

If the proceeds of the sale are used to buy another residence, none of the proceeds will be taxed

 

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