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TTB 6-20...right side half way down. Excluded Gain on repossesed principal is taxabl

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    #1

    TTB 6-20...right side half way down. Excluded Gain on repossesed principal is taxabl

    TP sold his residence in 2008 under Sect 121(cap gain exclusion) and TP carried mortgage. TP repossessed property in 2015. As I read this paragraph, the gain the TP had excluded under Sect 121 will be included as gain if the TP does not sell the house TP repossessed within 1 year from the repossessed date? Correct?
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