Brain Test Level 121 What should we put in place of the question mark
Brain Test Level 121 What should we put in place of the question mark
Feb 5, 2020
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The 121 Home Exclusion, often referred to as the “primary residence exclusion,” is a provision in the U.S. tax code (specifically Section 121 of the Internal Revenue Code) that allows homeowners to exclude a significant amount of capital gains from the sale of their primary residence from their taxable income. Here’s a detailed explanation: 1. Exclusion Amount: • Individuals: If you are a single homeowner, you can exclude up to $250,000 of capital gains from the sale of your primary residence. •
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