Can someone who sold their farm with house qualify for the $150000 capital gains exclusion?

[abctax55 · Accepted solution]

I am not aware of any $ 150,000 capital gain exclusion.  NMI.

[IRonMaN]

I thought maybe it was one of those trick farm questions I know nothing about :wink:

[abctax55]

It may very well be....I'm not the farmin' expert.
As I said, NMI

[itonewbie]

Gee, you got all these acronyms I need a new age dictionary. :joy:

[abctax55]

That's what Google is for :stuck_out_tongue_winking_eye:

[itonewbie]

:joy: :+1:

[TaxGuyBill]

As was pointed out, the Principal Residence and the associated personal-use land can potentially qualify for the $250,000/$500,000 Principal Residence exclusion.

Things that are not part of the Principal Residence, such as business/farm buildings and business/farmland would not be eligible.

[abctax55]

There IS a $ 250/500,000 exclusion for the sale of a qualified principal residence. 

Is that what you are talking about?  If so, how has the farm house been treated in prior years?