Question

How many times can you use Section 121 exclusion?

Answer 1

IRC section 121 allows a taxpayer to exclude up to $250,000 ($500,000 for certain taxpayers who file a joint return) of the gain from the sale (or exchange) of property owned and used as a principal residence for at least two of the five years before the sale.Sep 30, 2002

The Home Sale Gain Exclusion - Journal of Accountancy

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The exclusion is available once every two years and there is no limit to the number of times you can take it. When taking the $500,000 exclusion, both spouses must meet the eligibility test and resided in the property for the full twenty four months to qualify for the full exclusion.