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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 29 / 66

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CCH Federal Taxation Basic Principles

29 of  66

Example.

On January 1, 20x1, Patrick purchases a house that he occupies as his principal residence. On January 1, 20x2, he moves into a nursing home due to a sudden decline in health.  On January 1, 20x3, he sells his house, realizing a $100,000 gain.  Patrick’s one-year ownership of the house while under the care of a licensed medical facility is now deemed to be one-year usage since he had previously used the house for at least one year during the five years preceding the sale of the house.  His one-year occupancy of the house plus the additional one year of ownership while incapacitated, satisfies the two-out-of-five-year occupancy requirement, and he can claim the exclusion.

Sale of Home by Incapacitated Taxpayers

Chapter 11, Exhibit 8b

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