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Foreclosures
HomeForumsForeclosuresSection 121 Exemption
John Jones's profile image
John Jones's profile image
John Jones
  • Financial Advisor
  • from Oklahoma, OK
  • Member since Jan 10, 2019
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John Jones's profile image
John Jones's profile image
John Jones
  • Financial Advisor
  • from Oklahoma, OK
  • Member since Jan 10, 2019
Connect
John Jones
  • Financial Advisor
  • Oklahoma, OK
2
Votes |
12
Posts
Foreclosures

Section 121 Exemption

John Jones
  • Financial Advisor
  • Oklahoma, OK
Posted Jan 14 2022, 13:38

I want to start this post regardless of answers; I know I need to consult with an accountant. 

I am trying to understand the 121 exemption. My wife and I have owned our primary residence for over two years. We are about to sell our home and move into an apartment. We should have sizable capital gains from the sale. If I am reading the exemption right, should we be allowed to write off up to 500k in capital gains? 

I appreciate all insight! 

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