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Deductions & credits
If you sold your Primary Residence the sale may be exempt, the home must be considered a primary residency based on Internal Revenue Service (IRS) rules.
These rules state that you must have occupied the residence for at least two of the last five years.
The Internal Revenue Service (IRS) allows homeowners to exclude the first $250,000 ($500,000 for couples who own the house together and file jointly) of the gain from their taxable income, but in most cases, anything over that is taxable.
If you determine that you do not owe any tax you do not have to report it to the IRS.
I am so sorry for your circumstance.
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‎February 28, 2021
9:08 AM