Section 121

Section 121 (26 U.S.C.§121)

The Internal Revenue Code section that addresses taxable income upon the sale of a principal residence.An unmarried individual may exclude up to $250,000 of gain from income;married persons filing joint returns may exclude up to $500,000 of gain.The taxpayer must have owned and occupied the property for at least 2 of the prior 5 years and this exclusion can be used as frequently as every 2 years.For many Americans,this ability to buy a home, fix it up, sell it in 2 years for a large profit, and then do it all over again is their primary investment vehicle and “savings account.”As a result, statistics regarding the low level of savings in the United States are somewhat misleading.To find the law's text, see the instructions at Section (federal code).

References in periodicals archive ?
Filed by the Office of the Ombudsman last month, the case against Durano involves violation of Section 67, Book V of the Administrative Code of 1987 in relation to Section 121 of the Revised Rules on Administrative Cases in the Civil Service.
Durano was earlier charged for violation of Section 67, Book V, Executive Order 292, in relation to Section 121 of the Revised Rules on Administrative Cases in the Civil Service (RRACCS).
The offer concerning procurement of urological aids granted under section 121 of the service act and procurement to the contractor~s own depots for treatment in accordance with the health act.
The Ministry of Information has previously stated that the two men will also face charges under section 121 of the Penal Code, a 'high treason' provision that is far more severe in its potential punishment and will, if officially brought against the men, likely be handled by a higher court.
Ombudsman prosecutors indicted Durano for one count of violation of Section 67, Book V of the Administrative Code of 1987, in relation to Section 121 of the Revised Rules on Administrative Cases in the Civil Service.
Regardless of the ongoing industrial action by workers in Osun, Governor Rauf Aregbesola will tomorrow, Thursday present the budget for the 2018 fiscal year to the state House of Assembly for scrutiny and approval in line with Section 121 of the Constitution of the Federal Republic of Nigeria.
The arrest was made under Section 121, 121A and 122 of the Indian Penal Code (IPC) and Section 18, 18B, 23 and 38 of the Unlawful Activities (Prevention) Act of 1967.
Ahmer Bilal Soofi, Advocate, Supreme Court, President of the RSIL in a moving speech, stated that Pakistan is currently in a state of war under Section 121 of the Pakistan Penal Code, 1860.
Even after the trial of Muhammad Akbar Khan, the Government of the Frontier Province carried on repeated discussions with the Government of India on the subject of prosecution under Section 121 of the Indian Penal Code, although what they had in mind was Section 121-A.
Offences against state are further classified into sedition (section 124A IPC) and others (under section 121, 121A, 122, 123 IPC).
Gain from the sale of a personal residence to the extent it exceeds IRS Section 121 ($250,000 single; $500,000 married filing jointly)
85) With a supermajority vote of FSOC, section 121 gives the Fed comprehensive authority to regulate the activities--including mergers and acquisitions--of systemically important financial institutions ("SIFIs").