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Investors & landlords
If this house was not your primary residence for two out of the last five years, you wouldn't be eligible for the home sale exclusion. So, yes, you would be subject to capital gains taxes on the profit from the sale.
Do you have records to show the adjusted basis for the house? You'll need that information to report the sale, including proceeds from Form 1099-S, as half the basis is yours and will reduce the gain on your portion of the sale.
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‎February 11, 2025
7:48 AM