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?