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Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
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Experience:  Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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A couple, who file a joint return, sell their home & exclude

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A couple, who file a joint return, sell their home & exclude the gain of 212,000 under Section 121 exclusion. Can the unused portion of the exclusion of 288,000 be carried forward/
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Unfortunately, no. Section 121 applies on a home sale by home sale basis. You can only get a 250k exclusion per taxpayer, per sale of home that has been used as a primary residence for two of the prior five years that the taxpayer owned the home.

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