Sale of a Principal Residence

This handout discusses the requirements to exclude gain on the sale of a principal residence. It also discusses the reduced maximum exclusion that is available for certain taxpayers.

HIGHLIGHTS: 

  1. Principal residence defined.

  2. Exclusion of gain.

  3. Ownership and use rules.

  4. Vacant lot adjacent to residence.

  5. Reduced maximum exclusion.


CLIENTS WHO MAY BENEFIT:

  1. Taxpayers who are selling a home.

Individual Income TaxClare FazackerleyTax, Homeowners, Selling a Principal Residence, Home Sale, Taxable Gain, Home Ownership, Reduced Maximum Exclusion, Selling a Home