I have been overseas for 5 years (private employer). At least one of my daughters has lived in our house, we have paid taxes (state and local real estate) and our mailing address for correspondence is still the house. Can I still claim the exemption on profits if I see the house now?
2006-08-20 14:44:29 · 3 answers · asked by fabdog7 2 in Business & Finance ➔ Taxes ➔ United States
There are no taxes on selling of personal residences. You have been away for a long time.
2006-08-20 14:50:36 · answer #1 · answered by Bill 6 · 0⤊ 0⤋
As long as you have lived in the home for atleast 2 of any 5 years you can exclude the gain on the home. If you did not live in the home but owned it, you might be able to get a partial exclusion.
2006-08-21 15:23:19 · answer #2 · answered by goofybored 2 · 0⤊ 0⤋
for the capital gains exemption, you or your spouse have to have used that house as a primary residence prior to the sale
2006-08-20 15:56:16 · answer #3 · answered by six_toes2003 2 · 0⤊ 0⤋