Thread: Indecision
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TunedOut
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Default May 07, 2021 at 03:50 AM
 
Tisha, Keep asking your husband and doing research since this is so important to you. I would also ask God too! You probably know more about real estate than me but I think this tax break makes buying and selling a home less risky: Principal Residence Definition
In most cases, taxpayers must file taxes on capital gains from the sale of any property. However, when they sell their home of primary residence, they could qualify for an exclusion of a $250,000 gain ($500,000 if married filing jointly) if they meet the following requirements according to the IRS:2

They owned the home and used it as their primary residence in at least two of the five years preceding the sale of the property.
They did not acquire the home through a like-kind exchange in the past five years.
They did not exclude the gain from the sale of another home two years prior to the sale of this home.
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