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I owned and lived 4.5 year in my house and sold and make profit. Do I need to pay tax? To get tax exemption for profit, do I need to own at least 5 years? Thanks
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You must have owned the home for at least 2 years.
If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse.
To qualify, you must have owned your home for at least 2 years. Additionally, you have to have lived in your home for 2 of the last 5 years. Finally, you cannot have excluded the gain on the sale of another home within two years prior to this sale.
See the article listed below for more information.
https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Tax-Aspects-of-Home-Ownership--Selling-a-Home/INF12035.html
If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse.
To qualify, you must have owned your home for at least 2 years. Additionally, you have to have lived in your home for 2 of the last 5 years. Finally, you cannot have excluded the gain on the sale of another home within two years prior to this sale.
See the article listed below for more information.
https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Tax-Aspects-of-Home-Ownership--Selling-a-Home/INF12035.html
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