home sale gain exclusion

home sale gain exclusion definition - finance
The ability to exclude up to $250,000 of gain from the sale of an owner-occupied house for a single tax filer and up to $500,000 of gain for married joint filers. Those claiming the exclusion must have lived in the house for two of the last five years. A person or married couple can only use the exclusion once.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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