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Property (Basis, Sale of Home, etc.)

Question: If I exclude the gain on the sale of my former principal residence this year, can I take the exclusion again if I sell my new principal residence in the future?

Answer:

You can exclude gain from the future sale of your principal residence (within the limits of the exclusion) as long as you satisfy the ownership and use tests and have not excluded gain from the sale of a former principal residence within the two-year period ending on the date of the sale.  As long as you otherwise meet the requirements of the exclusion, the number of times you claim the exclusion is not limited.

Additional Information:


Category: Capital Gains, Losses, Sale of Home
Subcategory: Property (Basis, Sale of Home, etc.)

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The OMB number for this study is 1545-1432.
If you have any comments regarding this study, please write to:
IRS, Tax Products Coordinating Committee
SE:W:CAR:MP:T:T:SP
1111 Constitution Avenue NW
Washington, DC 20224