Election

Election

Election means:
a choice offered a taxpayer in certain situations. Frequently, elections are irrevocable; that is, they may never be changed. For example, a taxpayer over age 55 who meets certain requirements may elect, once in a lifetime, to exempt up to $125,000 of gain from the sale of a principal residence. A taxpayer who sells a home but does not make the election may never claim the exemption for that sale, though he or she remains eligible to use the election for a different home at a later date. If a taxpayer does make the election, it may not be revoked.


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