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Deductions & credits
Because you owned and used the home as your main home for less than 2 years, you don't get any exclusion (even if you were to not use the exclusion in 2023) unless the reason you are selling is due to one of the unforeseen circumstances listed in publication 523. If you don't qualify, you will owe capital gains tax on any gain, at the long term capital gain rate (15% or 20% depending on your other income.)
‎October 27, 2024
9:01 AM
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