Exclusion Rule

The tax code allows you to exclude from gross income up to $500,000 of gain (joint return, $250,000 if single) from the sale or exchange of your home if1

during the five-year period ending on the date of the sale or exchange

such property has been owned by you or your spouse for periods aggregating two years or more and

used by both you and your spouse as your principal residence for periods aggregating two years or more.

Planning note. The ownership and use periods do not ... Log in to view full article.