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Can I use exemption for capital gains when selling two homes in less than two years?
I sold my home I lived at in September 2020. I didn’t pay capital gains tax on this home because it was my primary residence since 2007. I built another home and moved in May 2020. I have been here a little over two years as my primary residence. I plan on listing the home for sale. Will I have to pay property gains tax on this home? The sale of my other home netted a profit of $20,000 and this home should get get $60,000. I understand that I can avoid the capital gains tax if I live at a primary residence for two years, but I’m not sure if I can claim two homes within that time that was a primary residence. I’m also single and can claim the $250,000 capital gains exclusion. Also, I’m wondering if it would be best to wait until September to sell since that will be two years for this home. Thank you.