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I sold my house for $132k and did not receive 1099-S. I do not complete the for 523 and the capital gains exclusion will apply if I sell my new house several years in the future, correct?
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You can exclude the sale and exclude yet another sale, if the time periods allow. The time period is only two years. If you do not think you will meet the time qualification, you can forgo it now, which will allow you to take it later.
How your sale qualifies. Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.
You can exclude the sale and exclude yet another sale, if the time periods allow. The time period is only two years. If you do not think you will meet the time qualification, you can forgo it now, which will allow you to take it later.
How your sale qualifies. Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.
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