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How to Exclude Gain on Sale of Residence
The tax payer relief act in 19 97 created i r c section one 21, which allows a home owner to exclude up to 250 thousand of gain on the sale of a primary residence. The real question is, at what point can he start excluding it? Does depreciation that he wrote off, does it get added back in? Our answer comes from our friend michael kits who is a brilliant financial planning mind. He says, because the exclusion is available as often as once every two years, some home owners may even try to sell and move more frequently.
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