Timing of when can I sell another primary home

I sold a primary residence in Sept of 2020. I paid no taxes as the gain was less than the $250/500k limits.

Now I'd like to sell another primary residence that I have lived in for more than 2 of the last 5 years.

Question is, to meet the once every two year requirment, must I wait until after Sept 2022 to sell? or can I sell now and take the deduction in the 2022 taxes. It's a little unclear on the exact rule.

Thanks

229

1 Best answer

Level 15

Mar 28, 2022 9:18:10 AM

You have to wait until September of 2022 to close on your current residence per Section 121(b)(3) unless an exception (for a partial exclusion) applies.

See https://www.irs.gov/publications/p523#en_US_2021_publink100073096

Level 15

Mar 28, 2022 9:18:10 AM

You have to wait until September of 2022 to close on your current residence per Section 121(b)(3) unless an exception (for a partial exclusion) applies.

See https://www.irs.gov/publications/p523#en_US_2021_publink100073096

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Timing of when can I sell another primary home