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"To qualify for the capital gain exclusion on a home sale, the seller must have resided in the residence for ___ of the previous 5 years."

User Elmira
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1 Answer

6 votes

Answer:

The correc answer is 2.

Step-by-step explanation:

If you have a gain on the sale of your principal residence, you may qualify to exclude up to $ 250,000 of that gain from your income, if you have owned and used your home as your principal residence, for a total period of at least two years. five years before its sale date. You may qualify to exclude up to $ 500,000 of that gain, if you file a joint return with your spouse. There are several limitations and exceptions to those general rules.

User Lpil
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