The exclusion of gain on the sale of a personal residence may be elected only by a taxpayer who has owned three or more residences.

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Athena Irwin

29 January, 19:27

The exclusion of gain on the sale of a personal residence may be elected only by a taxpayer who has owned three or more residences.

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Cael Dennis · Answer 1

The exclusion of gain on the sale of a personal residence may be elected only by a taxpayer who has owned three or more residences if the tax payer uses the installment method to sale of property.

Explanation:

The present law provides the recognition of roll over and gain on the sale of tax payer. This rule is applied to the purchase price of the replacement residence that equals or exceeds the sale price of residence sold.

The bill has the benefits of exclusion for the individuals who receive compensation from U. S or other agency.

The taxpayers exclude all the portion of gain from the involuntary conversion of principal residence if they had ownership and requirements.