Primary Residence
In one sentence: The main home you live in.
What it means
Owning and living in it for 2 of the last 5 years before sale qualifies you to exclude up to $250,000 of gain ($500,000 MFJ) under §121.
In one sentence: The main home you live in.
Owning and living in it for 2 of the last 5 years before sale qualifies you to exclude up to $250,000 of gain ($500,000 MFJ) under §121.