Sale of Pricipal Residence

If you sell your principal residence, you generally can exclude up to $500,000 of the profit on the sale from federal income tax if married and filing a joint return or up to $250,000 if single. The property must have been owned and occupied as your principal residence for at least two of the five years preceding the sale.

Internal Revenue Service, Publication 17, "Your Federal Income Tax," puts it this way: "To exclude gain ... you generally must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale."


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