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Same Topic Once Again |
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Dear Ms. Lank: As if we haven't exhausted every angle regarding the homeseller's exemption, I was wondering if it was mandatory that the seller used the house as their primary residence for two CONSECUTIVE years or if the exemption could still be claimed for residing in the home for any two of the past five years (i.e. two non-consecutive years) |
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The requirement for using the homesellers tax exclusion is ownership and occupancy for "an aggregate" of two years. That has been interpreted to mean a total of 24 months during the five years before the sale. But remember, it has to have been use as a principal residence. |
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Edith
Originally published on July 3, 2005 |
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