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After you file
the rules are 1) one of you (or both) must have owned the condo for 2 out of 5 years before sale. 2) one of you (or both) had to occupy it as your principal residence for 2 of the 5 years before the sale. The 2 out of 5 year periods do not have to be the same. if one of you meets both tests but not the other, then the exclusion drops to $250,0000 but that's still enough to eliminate $100,000 gain
however if there was a previous sale of your principal residence within 2 years of this sale it could affect the amount of the exclusion
go back to the home sale worksheet. you did use that rather than entering sale on form 8949
‎October 2, 2024
9:53 AM
4,725 Views