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Old 02-09-2011, 11:24 AM
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What are the rules regarding the reporting of the Sale of a Personal Residence?

Per the IRS Publication 523, “Selling Your Home,” taxpayers are instructed not to report the sale of their principal residence unless the following circumstances exist as follows:

1. They have a gain in excess of the "Excludable amount."

2. Some gain is allocated to "Nonqualified use."

3. They choose not to exclude the gain.

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