Washington (Dec. 24, 2002) -- The Internal Revenue Service has issued both final and temporary regulations related to excluding gain on the sale of a principal residence.A 1997 law substituted an exclusion of up to $250,000 ($500,000 for a married couple filing jointly) for the old "replacement residence" rules. Unlike the previous once-in-a-lifetime exclusion for senior citizens, the new exclusion may be claimed repeatedly, but usually only once every two years.

The final regulations cover such topics as:

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