1.26 Ark. Code R. 51-305(a)

Current through Register Vol. 49, No. 10, October, 2024
Rule 1.26-51-305(a) - One Time Exclusion of Gain from Gross Income

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.

1.26 Ark. Code R. 51-305(a)