REAL ESTATES FORUM

Im a little unclear regarding exclusion allowable for gain on sales of main
home, and hoping you can help me answer some of the questions below.

My parents are in the process of selling their main home, and they would be
qualified to exclude their gain up to $250K each for the sales based on the
ownership and use tests. However, they will not buying another home.

1) Will they still be eligible to exclude the gain with no plan of
buying a different home to live in?

2) What is the 3 years period regarding whether to exclude your gain
or not?

3) Once you claimed the exclusion, is there any reason you would be
required to pay taxes on that gain at a later time?

2) What is the different between this exclusion vs. gain
postponement?

Thank you very much for all your help.