Author Topic: Capital Gains Exclusion on a primary residence  (Read 1410 times)

salmp01

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Capital Gains Exclusion on a primary residence
« on: July 27, 2016, 03:16:21 PM »
A friend of mine is considering selling some land where his primary residence (of 20 years) resides.  He asked me this question and I didn't know the answer so I'm seeing if anyone here knows the answer to this...

My friend owns 5 acres of land where his primary residence sits.  He would like to sell 4 acres of his 5 acres parcel and would not include his home in the sale.  Would he and his wife qualify for the 500k capital gains exclusion if they sold the 4 acres and didn't sell their primary residence? 

terran

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salmp01

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Re: Capital Gains Exclusion on a primary residence
« Reply #2 on: July 27, 2016, 06:48:23 PM »
That's what I'm looking for - thanks !