Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
Regulation 1997-4 - Comprehensive Individual Income Tax Regulations
Rule 26-51-305 - INCOME FROM SALE OF HOME
Rule 1.26-51-305(a) - One Time Exclusion of Gain from Gross Income
Universal Citation: AR Admin Rules 1.26-51-305(a)
Current through Register Vol. 49, No. 9, September, 2024
A taxpayer may make a one time (i.e., once-in-a-lifetime) election to exclude from his gross income the gain realized from the sale or exchange of a home if the following conditions are met:
1 The taxpayer has reached the age of fifty-five (55) before the date of the sale or exchange; and
2 During the five (5) year period ending on the date of the sale or exchange, the home was owned and used by the taxpayer as his principal residence for a period of (or periods aggregating) three (3) years or more.
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