FL Tax Law Specialist Practice Questions - Florida Bar Board Certified - Tax Law Exam

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A married couple sells their principal residence, which they owned and used as their main home for the last four years, realizing a $400,000 gain. Assuming they file jointly and meet the ownership-and-use test, what is the maximum gain they may exclude under IRC 121?

$$500,000 $$250,000 $$400,000 in full only if they reinvest in a new home $$0, because the residence-rollover provision was repealed

Correct Answer:

$$500,000

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