- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@vijay_v wrote:Is there any IRS publication that explicitly talks about this / states that the exclusion doesn't have to be "taken out" when computing AMT.
Forget any IRS publication. Section 121 expressly states that the home sale exclusion ($250,000/$500,00) is excluded from gross income.
(a) Exclusion
Gross income shall not include gain from the sale or exchange of property if, during the 5-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as the taxpayer’s principal residence for periods aggregating 2 years or more.
October 31, 2023
1:24 PM