Capital Gains Exclusions As the IRS continues to refine the rules, it is important to have a plan for how you will cash out of your principal residence without giving all of your equity to the IRS. First of all, principal residence can be many different things--: single family residential home, condominium, mobile home, house trailer, tenant-stockholder cooperative housing unit—even a boat, as long as it has sleeping, cooking and bathroom facilities.   It can get tricky when you split your…