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Investors & landlords
since it wasn't our "primary residence," but a "2nd home" and it wasn't used as a rental for income, do we need to pay a tax on the $50,000 gain?
Yes.
IF a required amount of time staying with my in-laws IS required to eliminate the federal tax,
Unfortunately, that's irrelevant. At no time during your period of ownership was the property your primary residence.
‎November 27, 2021
7:54 PM