Gain Rollover May Apply in the Sale of a Principal Residence

Bottiglieri, William A.; Kroleski, Steven L.
January 2006
CPA Journal;Jan2006, Vol. 76 Issue 1, p52
Academic Journal
The article focuses on tax relief provisions available to taxpayers in the U.S. for the sale or exchange of a principal residence occurring prior to May 7, 1997. The first was the IRC section 121 elective, once-in-a-lifetime exclusion of up to $125,000 in gain for taxpayers who met certain age and residency requirements. The second was the IRC section 1034 mandatory deferral of any such gain based upon the acquisition of a replacement principal residence within two years before or after the sale.


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