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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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