Regulation & law · 24/12/2002

IRS Issues Temporary Regulations on Reduced Maximum Exclusion of Gain From Sale or Exchange of Principal Residence

The Internal Revenue Service (IRS) has issued temporary regulations regarding the reduced maximum exclusion available to certain taxpayers who sell or exchange their principal residence under specific conditions, such as not owning and using the property as their principal residence for two years of the preceding five years or excluding gain on a previous sale or exchange within the last two years.