turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

JacquieS
New Member

2 year period for avoiding capital gains?

I bought my house 4/21/2020, and want to sell my house in order to buy a different property.  The new house needs a closing date of 4/21/2022 for the seller....how is the two year mark calculated for capital gains?  Does the 2 year (730 day count) start the day I bought my house 4/21/2020 and would end on 4/20 of this year - making my new close date ok to avoid capital gains?  Or do I have to close on the sale of my house after 4/21 in order to avoid capital gains?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

2 year period for avoiding capital gains?

Do you mean the two-year period for the home sale exclusion?

 

You can exclude up to $250,000 ($500,000 if married) of gain from the sale of your primary residence if you owned and occupied your home for at least two years out of the five years prior to its date of sale. 

 

You may take the exclusion only once during a 2-year period. You will qualify if you bought on 21 April 2020 and sold on 21 April 2022. 

 

To qualify for the home sale exclusion, generally, you must live in the home for at least 24 months (730 days) out of the last five years.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question