Legal Line Question of the Week: The Capital Gains Tax Exemption
- The taxpayer owned the house and used it as his or her primary residence for at least two of the five years preceding the sale;
- The home was not acquired in a 1031 Exchange during the past five years; and
- The taxpayer has not claimed any exclusion for the sale of a home in the two years prior to the current sale.
Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP