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The Internal Revenue Service Gives Guidance on the Exclusion of Gain on Sale of a Principal Residence

The Internal Revenue Service Gives Guidance on the Exclusion of Gain on Sale of a Principal Residence


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by Tracie K. Henderson
The Treasury Department and the IRS recently released guidance relating to the exclusion of up to $250, 000 of gain on the sale or exchange of the principal residence of a taxpayer. This guidance comes from two sources: final regulations and temporary regulations. Temporary (or proposed) regulations are those that the IRS wants to evaluate before finalizing them.