At an in-house staff training seminar, you are outlining the evolution of the '121 home sale exclusion. you should explain that under the immediate predecessor to the current '121 rule, the gain on a sale of a primary residence that could be excluded from gross income was:

A. up to $35,000.

B. up to $65,000.

C. up to $100,000.

D. up to $125,000.

Answer rating: 100% (QA)

Answer its upto 125000 US Code 121 Exclusion of gain from sale of principal residence aExclusion Gross income shall not include gain from the sale or exchange of property if during the 5year period en... View the full answer