Owned home for 14 years then sold and was able to get the 250000 first time capital gains relief. Bought then sold my home that I owned for 20 months. My income is only 19000, can I avoid having to pa...

Owned home for 14 years then sold and was able to get the 250000 first time capital gains relief. Bought then sold my home that I owned for 20 months. My income is only 19000, can I avoid having to pay capital gains?

posted

No. According to IRS regulations, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. That is stipulated in the following IRS document.

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