You'll need to sign in or create an account to connect with an expert.
Generally, the time period begins when you actually start using the home as your residence. The home will have to have been your home for at least 2 years during the past 5 years for you to qualify for the capital gain exclusion
So from the moment I lived in the home even on land contract it still counts toward the 2 year requirement. I was curious if it only counted if the house was mortgaged in my name.
The IRS will look at your address, voting records, things like that for your residency period. You have the two years from living there.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
schakr
Level 2
LKarkos
Level 2
Cmo3
Level 2
smvetterman
Level 1
jyeh74
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.