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Non-Tech : Investing in Real Estate - Creative Opportunities
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To: John Pitera who wrote (2609)11/26/2017 6:26:45 PM
From: Riskmgmt1 Recommendation

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John
It has been revised since then and is way more simple.

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

US Code Notes IRS Rulings Authorities (CFR)

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(a)Exclusion
Gross income shall not include gain from the sale or exchange of property if, during the 5-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as the taxpayer’s principal residence for periods aggregating 2 years or more.

(b)Limitations
(1)In general
The amount of gain excluded from gross income under subsection (a) with respect to any sale or exchange shall not exceed $250,000.

(2)Special rules for joint returnsIn the case of a husband and wife who make a joint return for the taxable year of the sale or exchange of the property—
(A)$500,000 Limitation for certain joint returnsParagraph (1) shall be applied by substituting “$500,000” for “$250,000” if—
(i)
either spouse meets the ownership requirements of subsection (a) with respect to such property;

(ii)
both spouses meet the use requirements of subsection (a) with respect to such property; and
law.cornell.edu

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