Asked by Katia Ferreira on Jun 27, 2024
Verified
If married taxpayers live in their personal residence for more than two years,the couple can exclude a maximum of $250,000 on the gain from the sale of the residence.
Personal Residence
A term referring to the primary living quarters owned and used by an individual or family for their personal use.
Taxpayers
Individuals or entities that are obligated to pay taxes to a governmental authority.
- Grasp the criteria for excluding gains from the sale of personal residences.
Verified Answer
KT
KANAPATHY TAMIL CHELVAMJul 01, 2024
Final Answer :
False
Explanation :
Married taxpayers filing jointly can exclude up to $500,000 of the gain from the sale of their primary residence if they meet the ownership and use tests, not $250,000 which is the exclusion limit for single filers.
Learning Objectives
- Grasp the criteria for excluding gains from the sale of personal residences.