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Sold Your Home Before Meeting the Gain Exclusion Requirements?
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Sometimes, because of a change in the place of employment, health issues, or unforeseen circumstances, taxpayers are unable to meet the two out of the five-year ownership and residence requirements to qualify for the full home sale gain exclusion of $500,000 for joint filers and $250,000 for others. Luckily, the tax code includes provisions for partial exclusions.