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Article Date:
April 2006


Word Count:
798

 

 

Three New Rulings Where Home-Sale Profits Are Protected by Hardships


Not long ago and on the same day, the IRS released three private letter rulings that allowed partial home-sale profit exclusions for hardships.

 

Normally, the law allows you to exclude home-sale profits of up to $250,000 if single, and $500,000 if married, providing you have1

 

·

lived in your home for two of the last five years;

·

owned your home for two of the last five years; and

·

not taken the exclusion in the last two years.

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