I have lived in my residence for 15 yrs. I plan on selling it now. I paid $310,000 at purchase and plan to sell it for approximately $450,000. What are the best options to protect the gains from being taxed ?
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If you have lived in the residence for at least two out the last five years leading up to the closing of the sale, and used the residence as your primary residence, you would qualify to exclude all of the gain.
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