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Deductions & credits
@Bksevers1 wrote:
.......are you saying I have to own the home for 5 years?
No, just two out of the last five leading up to the date of closing.
In general, to qualify for the Section 121 exclusion, you must meet both the ownership test and the use test. You're eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale.
‎December 7, 2021
6:46 AM