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Excluded Gain |
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Excluded Gain Excluded gain is gain realized on a sale that will never be taxed. The most common situtation in which this occurs is for qualifying sales of principal residences. Other gains that may be excluded in whole or in part are gains on section 1202 stock, gains on qualified small business stock, and gains on certain property owned by businesses operating in renewal communities. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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If that was 20% of the time you owned the house, 20% of your excluded gain gets taxed. During the two years preceding the current sale, neither of you excluded gain from the sale of another home. The excluded gain under section 121 can be included in the basis of the replacement property. |
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