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Section 121 Exclusion:
The section 121 exclusion applies to the
sale of a principal residence after May
Under Section 121, a single individual
can exclude from income up to $250,000
($500,000 married filing joint) of
gain realized on the sale or exchange of
a principal residence. The seller
must have owned and occupied the
residence for at least 2 of the last 5
years. The exclusion can be
claimed no more than once every 2 years.
rules apply for homes used partly for
business or rental, vacation homes
converted to principal residences, and
property acquired thru a Section 1031
exchange and then converted to a
Qualified Leasehold Improvement:
An improvement to an interior part of a
building that is nonresidential real
property, if all the following
requirements are met:
- The improvement is made under or
according to a lease by the lessee (or
any sublessee) or the lessor of that
part of the building.
- That part of the building is to be
occupied exclusively by the lessee (or
any sublessee) of that part.
- The improvement is placed in service
more than 3 years after the date the
building was first placed in service
by any person.
- The improvement is section 1250
property. See chapter 3 in Publication
544, Sales and Other Dispositions
of Assets, for the definition of section
However, a qualified leasehold
improvement does not include any
improvement for which the expenditure is
attributable to any of the following:
- The enlargement of the building.
- Any elevator or escalator.
- Any structural component benefiting
a common area.
- The internal structural framework of
Generally, a binding commitment to
enter into a lease is treated as a lease
and the parties to the commitment are
treated as the lessor and lessee.
However, a lease between related persons
is not treated as a lease.