"you don't lose the exclusion if you own the house longer than 5 years. 2 years ownership/2 years residency is the minimum"
-) I finally understand! I'm so glad you are a lifesaver of me! I have a tax accountant but he is not willing to answer me in detail. I would like to do myself if I can...(but I can't) or get other accountant. But it is not easy since he has all my papers and worked for 3 years...
** So, with this one, I see 2 years ownership and 2 years residency to avoid a capitals gain tax..
Doesn't matter house ownes over 3 years or 10 years! But 2 years residency is needed! 🙂
Ownership residency test is already passed!
"long term capital gain and is usually taxed at 15%, or would be tax-free if you sell after May 2016"
-) ok, then I will try to sell From June 2016 and close out within 30-60 days. (Closing will be June 31st or July 31st 2016..l(hopefully, it works)
