BobKamman
Level 15
04-09-2020
07:09 PM
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I don't see any reference to an "election" in Section 121. It says the gain "shall" be excluded. However, if the two sales were not 24 months apart, the exclusion on the second home can be pro-rated if the sale was "by reason of a change in place of employment, health, or, to the extent provided in regulations, unforeseen circumstances."