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Real Estate Capital Gains Exclusion
I purchased my home in 2017 while single, my wife purchased her home in 2019 while single. I have rented my home for the last 2 years but it can still qualify as a primary residence as I've lived in it for at least 24 months out of the last 5 years. We got married in 2023 and we live in her townhome although I was never added to any of the home documentation. I am hoping to sell my original place while I still qualify for the capital gains tax exclusion of $250k (I'll have about that in profit after sale) in early 2025 -- will she also be able to qualify for the capital gains tax exclusion if we decide to sell her home as well? Any advice on how to avoid a huge cap gains hit in this situation would be much appreciated. Thanks!
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‎December 4, 2024
1:54 PM