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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 10 / 66

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CCH Federal Taxation Basic Principles

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The owner-spouse occupies the dwelling as a principal residence for an aggregate of at least two of the five years immediately preceding the sale or exchange.  This two-year occupancy requirement can be met either before or during marriage.

Both spouses, while married, occupy the dwelling as their principal residence for an aggregate of at least two of the five years immediately preceding the sale or exchange.

Minimum Two-Year Occupancy:

Maximum $250,000 Exclusion

Maximum $500,000 Exclusion

Three Requirements:

Sale of Home by Married Taxpayers— General Rules

Chapter 11, Exhibit 2c

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