Discuss the exclusions related to the gain on the sale of a personal residence. Do you feel that this provision is equitable?© BrainMass Inc. brainmass.com June 4, 2020, 4:39 am ad1c9bdddf
There are certain exclusions for taxpayers that meet requirements as set forth by the IRS. If there is a gain on the sale of the residence, up to $250,000 of the gain can be excluded from income if you have owned the home for at least two years and used that home as your primary residence. Note that this excludes rental properties because it is not the taxpayer's main home ...
This solution discusses the IRS tax treatment for gains that arise from the sale of a personal residence.