The IRS recently issued Rev Proc 2005-14, 2005-7 IRB. This Revenue Procedure clarifies that the exclusion of gain from the sale of a principal residence under IRC § 121 may be combined with a like-kind exchange under IRC § 1031. This Revenue Procedure also provides six examples of how these two provisions of the Internal Revenue Code work together.
Background
Under IRC § 121, a taxpayer may exclude from gross income up to $250,000 ($500,000 for joint filers) of gain from the sale or exchange of the taxpayer's principal residence....
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