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What is the rule on capital gain exception concerning

Customer Question
What is the rule...

What is the rule on capital gain exception concerning selling your house.

Accountant's Assistant: What are the assets or property for this capital gain?

Home of 34 years.

Accountant's Assistant: Anything else you want the Accountant to know before I connect you?

We are both over 60 years old.

Submitted: 2 months ago.Category: Tax
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Answered in 4 minutes by:
5/25/2018
Tax Professional: Lev, Tax Advisor replied 2 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,338
Experience: Taxes, Immigration, Labor Relations
Verified

That is based on section 121 ...

26 U.S. Code § 121 - Exclusion of gain from sale of principal residence

https://www.law.cornell.edu/uscode/text/26/121

-- the exclusion amount is limited by $250k for Singles and $500k for married couples filing jointly.

-- to qualify for the exclusion - the property should be owned and used as a primary residence at least two out of last five years before the sale.
Let me know if you need any help with determination.

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Tax Professional: Lev, Tax Advisor replied 2 months ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
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Customer reply replied 2 months ago
Fast and clear answer. Thanks.
Tax Professional: Lev, Tax Advisor replied 2 months ago

Appreciate your warm words.
Be sure to come back for all your tax related issues.

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