121 exclusion

Technical topics regarding tax preparation.
#1
taxcpa  
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Was having some electrical work done yesterday and the electrician and his father have taken advantage of the 121 exclusion over the years by building, occupying, and selling a home every few years. All qualified for the exclusion according to him.

He went on to say that his father's accountant had told him that the exclusion was now a once in a lifetime break under the new law. Now i know they proposed increasing 2 out of 5 to 5 out of 8 years, but that was not in the final law. I also recall hearing at a CPE session that 121 was not changed. Did some quick research, and don't see anything on a iifetime exclusion post 1997.

Did I miss something, or is the father's accountant out to lunch?
 

#2
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Out to lunch...or pasture.
~Captcook
 

#3
Frankly  
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The accountant didn't say that. It's the electrician who is out to lunch.
 

#4
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Frankly wrote:The accountant didn't say that. It's the electrician who is out to lunch.


I had a friend of mine in real estate call me a couple months ago. His accountant (former now) quoted the 5 of 8 rule as what was in the new law. In five minutes of Googling, he found the right answer and called me to confirm.
~Captcook
 


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