Home Gain Exclusion for Indivuals Who Have Had to Move to Nursing Homes

Most people are aware, I believe, that the gain on the sale of their main home is not taxable up to as much as $250,000 for single individuals and $500,000 for those married. There are few restrictions, one being that the taxpayer(s) must live in the home for two of the last five years. But the IRS has relaxed the rules for those who have had to move into nursing homes. Those individuals need only to have lived in their main home for one-out-of-five years prior to the sale to be able to take the exclusion.

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