| As LdiJ states, the law does not require reporting in your situation. However, we do on schedule D as a long term gain and then, on the next line write a negative for the amount we will claim as excluded with the discription of "section 121 exclusion amount".
The filing of the return starts the statute in any event, but we feel that full reporting prevents problems in the long run. Your mileage may vary.
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When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it.
--W. T. Pooh (aka A. A. Milne) | 
03-26-2007, 10:59 PM
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