Why does the IRS permit a tax payer to have $250,000 of non-taxable gain from the sale of a personal residence? Explain.© BrainMass Inc. brainmass.com June 3, 2020, 9:32 pm ad1c9bdddf
The sale of a personal residence enjoys special tax treatment in order to minimize the impact of long-term inflation. For most people, a residence is the largest asset they own. While some appreciation is expected, residences are not primarily used as ...
The solution determines why the IRS permits a tax payer to have $250,000 of non-taxable gain from the sale of a personal residence.