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Deductions & credits
To qualify for the exclusion of the capital gain, on the sale off your primary home, you must both OWN the home and live in the home for 2 out of the 5 years prior to the sale. May 2018 to April 2020 comes up short on the ownership requirement.
Postpone closing until after you meet the full 2 years. Also be careful on the live in time. 2 years is 731 days.
March 19, 2020
5:53 PM