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).

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Section 1.121-1(d), the Section 121 exclusion of gain on sale of residence does not apply to the gain attributable to depreciation deductions taken after May 6,1997.
121 get a fresh start, with a new exclusion under post-TRA '97 Section 121.
About the petitioner Amjid Khan, he contended that the APA had conducted the trial under section 11 of the FCR and sentenced him under section 121 and 122 of Pakistan Penal Code, dealing with waging war against the country.
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.
He has also been booked under IPC Section 121 (waging or attempting to wage war, or abetting waging of war, against the Government of India).
* A discussion of section 121 planning opportunities.
IRC section 121 provides that up to $500,000 of realized gain can be excluded by a taxpayer (married filing jointly) who sells property owned and used as a principal residence during at least two of the last five years.
Section 121 states that both spouses must have lived in the primary residence for 2 years to be eligible for the maximum exclusion unless there were "unforeseen circumstances" that caused the sale.
He was charged under Pakistan Penal Code's Section 121 (waging war against the state) and 121-A (punishment for waging war) and Section 11 of the erstwhile Frontier Crimes Regulation.
Earlier in his welcome address, the Speaker of the Ogun State House of Assembly, Rt Hon Suraju Ishola Adekunbi, remarked that the presentation of the 2018 fiscal year by Governor Amosun was in accordance with Section 121 (1) of the 1999 Constitution of the Federal Republic of Nigeria as amended.