Are you looking to buy or sell a home in Charlottesville VA? If so, it's important to be aware of the laws and regulations that apply to the process. The purchaser's authorized agent is any person designated by the purchaser in a ratified real estate contract for the purchase and sale of residential real estate. To qualify for the Section 121 exclusion, you must meet both the proof of ownership and the test of use. This means that you must have owned your main home and used it as your main home for a total period of at least two years out of the five years prior to its sale date.
You can opt out if you meet these conditions for different 2-year periods. However, you must comply with both conditions for the 5-year period that ends on the date of the sale. You generally don't qualify for the exclusion if you excluded the gain from the sale of another home during the two-year period before the sale of your home. For more information on eligibility requirements, limitations on the amount of the exclusion, and exceptions to the two-year rule, please refer to Publication 523.
