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coffey42017
New Member

Trying to find out why I need the purchase date of our house that we sold in 2016

 
1 Reply
KarenL2
Level 5

Trying to find out why I need the purchase date of our house that we sold in 2016

It's for the capital gains exclusion on a primary residence sale.  If all of the following apply, your gain from the sale of the house can be excluded for 2016.

  • You lived in the home as your main home for at 2 of the 5 years preceding the sale.
  • Your "net" profit from the sale is less than $250,000 ($500,000 if Married Filing Jointly).
  • You didn't take depreciation deduction on the home or use it for business during the time you owned it.
  • You didn't rent it out at any time that you owned it.


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