Question
Which is true regarding the sale of a Personal Residence? Gain on the sale of a personal residence is not a taxable event no gain
Which is true regarding the sale of a Personal Residence?
Gain on the sale of a personal residence is not a taxable event
no gain is recognized on the sale if the taxpayer is over 65
the gain can be excluded once in a lifetine
exclusions are available up to $500000 for joint filers if the requirements are met
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Financial Accounting IFRS
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
2nd edition
1118285909, 1118285905, 978-1118285909
