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schmitt1
New Member

Bought my primary manufactured home in 04/2016 sold it 09/2018 profit of 35,000. paid a monthly lot rent. did not own the property. Can I take the home gain exclusion?

 
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Leonard
Intuit Alumni

Bought my primary manufactured home in 04/2016 sold it 09/2018 profit of 35,000. paid a monthly lot rent. did not own the property. Can I take the home gain exclusion?

You can take the gain exclusion as long as you considered the home your "primary residence" for 2 of the last 5 years. If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000, if you file single or $500,000 if you file married jointly of that gain from your income.

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