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Other financial discussions
This is not an inconsiderable sum of money and, as such, you need to consult, in person, with a tax attorney and/or an experienced tax professional (both for expert guidance and liability concerns).
Otherwise, and generally, if there is no nexus between the settlement amount and the sale of your main home, the Section 121 exclusion has no applicability.
‎November 4, 2020
8:01 AM