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Deductions & credits
The requirement to reinvest proceeds from the sale of a home into the next home hasn't been in the tax law for many years. If you lived in the home you sold for at least 2 years out of the 5 years ending on the date of sale, you are allowed to exclude up to $250,000 of capital gain ($500,000 if MFJ) from capital gains taxes.
This can be affected if you had any home office deductions or rented out the house while you owned it.
‎June 5, 2019
2:56 PM