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farid
New Member

Selling the property that is rented a little over 3 years and used to be our primary home, how the capital gain deduction is calculated?

We bought a house in 2008 in Texas and used it as primary home until mid-2016, then rented the house for a little more than three years. Now we are planning to sell the house, Are we still eligible for primary home capital gain deduction? If so how is that calculated?
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rjs
Level 15
Level 15

Selling the property that is rented a little over 3 years and used to be our primary home, how the capital gain deduction is calculated?

No, you are no longer eligible to exclude any of the gain from the sale of the house because you did not live in it for two years out of the five years preceding the sale. (If it's been rented for a little over three years, the remainder of the 5-year period preceding the sale is less than two years.)

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