If you realize a gain on the sale of your home, you might not have to pay tax. § 121 allows you to exclude up to $250,000 ($500,000 if you’re married filing jointly) on the sale of your principal residence
To qualify, you must have:
– owned the property
– occupied the property as your principal residence for 2 of the past 5 years (ending on the date of the sale of the exchange)
Note that:
– A vacation home doesn’t qualify – it needs to be your principal residence.
– Also, you can’t take the exclusion more than once every 2 years.
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