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(d)(1) - One Time Exclusion of Gain from Gross Income - Husband and Wife
Universal Citation: AR Admin Rules 1.26-51-305(d)(1)
Current through Register Vol. 49, No. 9, September, 2024
With respect to excluding from gross income the gain realized from the sale or exchange of a home, both a husband and wife shall be treated as satisfying the age, holding and use requirements of 1. 26-51-305(a) if all of the following requirements are met:
(a) The home is held by the husband and wife as either:
i. joint tenants; or
ii. tenants by the entirety;
b) The husband and wife file an Arkansas joint return or "separate on same" return for the tax year in which the home was sold or exchanged; and
c) At least one (1) of the spouses satisfies the age, holding and use requirements of 1. 26-51-305(a) with respect to the home.
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