Am I tax-free on Capital-Gain if I only lived in and owned my house for 2 years? (then on the 25th months, I sell it). Thanks!!!
2007-02-21 08:36:04 · 3 answers · asked by philip 1 in Business & Finance ➔ Taxes ➔ United States
You only need to meet the 24 months (2 years). It doesn't matter that you have not owned it for the full 5 years. The time is counted backwards from the date you sell the house (the closing date) for 5 years. If you owned and occupied the house as your principal residence for at least 2 of those years, you're good.
2007-02-21 08:39:51 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
You have to have lived in it for 2 of the 5 years prior to the date of sale. If you only owned it for 2 full years, you'd still get the deduction as that still meets the requirement.
2007-02-21 08:41:29 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes, so long as the gain is not more than $ 250,000.00 if you are single, twice that I think if you are married..
You must live in it 24 of the last 60 months to miss being taxed.
2007-02-21 08:44:07 · answer #3 · answered by Jimmie 4 · 0⤊ 0⤋