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Homesellers Exclusion |
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Dear Edith,
My father-in-law heard that the ownership and use provisions regarding the sale of a primary home have recently changed...that you now must live in a home as your principal residence for five years (rather than two) in order to be able to exclude any capital gain on the sale. Is this true? Thank you! |
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Two years would be enough, if they were during the five years before the sale. What your father-in-law may have heard is that you can't use that exclusion until five years have passed if you acquired the property as an investment in a Section 1031 tax-deferred exclusion. That doesn't apply to very many homesellers. |
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Edith
Originally published on February 11, 2008 |
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