Sale of Principal residence lived in 2 of 5 yrs...

[AZ-Tax]

I looked in several places within TTB but I probably did not look in the correct places. Is this $250K ($500K MFJ) excluded income limited to once in the taxpayers lifetime or each 5 year period in which the taxpayer qualified by living in their principal residence 2 of each 5 yr period? My assumption is the taxpayer is not limited.

[Jesse]

It is not a lifetime exclusion. I agree with your assumption.

[krazykev]

It is not once per lifetime. Pub. 523 reads:

During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.

That is the rule, you can exclude as many times as you want every two years.

[veritas]

Look at page 6-18

I looked in several places within TTB but I probably did not look in the correct places. Is this $250K ($500K MFJ) excluded income limited to once in the taxpayers lifetime or each 5 year period in which the taxpayer qualified by living in their principal residence 2 of each 5 yr period? My assumption is the taxpayer is not limited.

For answers.

[taxea]

"My assumption is the taxpayer is not limited." your assumption is correct. taxea