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Get your taxes done using TurboTax
There are two tests for the full $500K exclusion. either must own it for 2 out of 5 years before sale but both must occupy it for 2 out of 5 years before sale. these rules apply in community property states like Texas.
Occupancy Requirements:
- To meet the primary residence test, you must dwell in the property for the majority of the year.
- The IRS considers factors such as how long you’ve lived in the home and whether it’s your fixed address.
May 5, 2024
2:42 PM