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500K Home Sale Exclusion for Parents
My parents have owned their house and have been living there for 15+ years. However since they have low income (less than $8K combined yearly), and I paid almost all the costs for their house except for some small utility bills like internet, water etc, I claimed them as dependent and they didn't file tax themselves for the past 10 years. Now they're considering selling their house and move to senior housing, will they be qualified for the $500K home sale exclusion for the capital gain?
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March 2, 2021
3:16 PM