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Deductions & credits
Q. What taxes should I prepare to pay due to this event?
A. None. The total amount will be excludable.
The top amount allowed will be reduced because you were in the home less than the two year rule. 13/24 x $250,000 = 135,400. Since that's more than your anticipated profit, none will be taxable,
May 15, 2021
5:48 AM