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Internal Revenue Code (IRC)

The official collection of federal laws in the United States that govern income, excise, estate, gift, and other taxes.

Principal Residence

The main home where an individual lives, as opposed to a secondary home, vacation property, or rental unit.

Exclusion of Gain

A provision in tax law that allows a certain portion of profit from the sale of an asset (like a home) to not be counted as taxable income.

Capital Gain

The profit an investor makes from selling an asset, such as real estate or stocks, for more than its purchase price.

Conforming Amendments

Changes made to other parts of an existing law to ensure they are consistent and compatible with a new amendment or policy change.

Enactment Date

The date on which a bill officially becomes law after successfully passing through all stages of the legislative process and being signed by the President.

Sales and Exchanges

Legal terms referring to the transaction of selling or trading property.