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My husband and I sold our house (< $200,000) after living in it as our primary residence in Georgia. We are wondering, is the profit subject to capital gains tax?

 
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My husband and I sold our house (< $200,000) after living in it as our primary residence in Georgia. We are wondering, is the profit subject to capital gains tax?

If you meet the 2 out of 5 years ownership and use tests:


then the capital gain would not be taxable at the federal level.  I have no idea if Georgia follows that rule or not.

Tom Young

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