1. I sold my primary residence this year in June. We are currently renting now. When or must I purchase another primary residence to avoid capital gains? What improvements are allowed to calculate the cost basis of primary home before we sold and what is the capital gains threshold that can be excluded? $500k married? Is this CG exemption only for federal taxes or are there state benefits too?
2. My daughter was a dependent college student for six months this year then on her own July 1. How do we both handle splitting the year on our tax returns as to dependency?
thank you
