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Investors & landlords
No. You need to have used the home as your primary residence for at least 2 years out of the 5 years prior to the sale. Since you only lived in it for 1 year, you will fail the test. See: Qualifying for the exclusion
You will indicate the property was sold in the rental section, and the gain will be reported on your tax return. See: I sold my rental property. How do I report that?
March 24, 2025
3:42 PM