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Get your taxes done using TurboTax
@BGS2 wrote:However I may wish to pass on any gain on this property and take the sale of primary residence exclusion when I sell my current him (larger gain?).
While certainly possible, it is usually to have a larger gain from a property you've only had a few years, versus a property that you've had more many years. As I said, it is certainly possible, but you'll want to compare them closely.
However, in some circumstances you may be able to claim the exclusion on BOTH houses, if you are moving out of the second home for a qualifying reason. If you tell us details about why you are moving out of your current home, we may be able to help you determine of both homes could possibly qualify for the exclusion.
‎October 13, 2024
2:38 PM
13,347 Views