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I have a new home and would like to know at what date my residence would qualify for an exclusion of $250,000 in capital gain?
I am planning to sell my primary residence.
I would like to know at what date my primary residence would qualify for an exclusion of $250,000 in capital gain.
Because this is a new construction situation, I am unsure of when the "ownership" and "residence" requirements began.
Here is the situation:
I purchased the building lot in September 2014.
I moved into the home on January 1, 2016 and have lived in it full-time since that date.
My construction loan matured and converted to a permanent loan on July 1, 2016.
I did not have an official certificate of occupancy until May 5, 2016. There were a few lingering issues that prevented full occupancy until that time. However, we were living in the home full-time.
When can I sell and avoid the $250,000 in capital gains? Since I was living in the home since January 1, 2016 would the 2 year "residence" and "ownership" clock have started then? How would this standup if I were audited?
Thank you in advance