life insurance trusts

Tax Basis of a Principal Residence: Documentation can Save Tax Dollars

At present, you may be able to exclude a portion or possibly the entire capital gain realized on the sale of your home if certain ownership requirements are met. The requirement is that during the five-year period ending on the date of the sale, you must have owned and used the home as your principal residence for a period aggregating two or more years.

November 23, 2021