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Old 04-19-2017, 02:57 PM
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Exclude gain on sale of house - 2 year rule

I bought my current house in March 2015 and sold a previous house in April 2015. On my 2015 tax return I excluded the gain on the sale. I am now thinking about moving again. I have met the other rules, but there is a rule about not having excluded the gain on sale of another house within the last two years. My question is this: When does the two years start? Is it 2015 and 2016, so now in 2017 I'm good to go? Or do I need to wait until 2018? Thanks!



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Old 04-20-2017, 01:19 AM
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I bought my current house in March 2015 and sold a previous house in April 2015. On my 2015 tax return I excluded the gain on the sale. I am now thinking about moving again. I have met the other rules, but there is a rule about not having excluded the gain on sale of another house within the last two years. My question is this: When does the two years start?=======>in April of 2015( i guess the home purchased in March of 2015 was not your primary home until the old home was sold in Apr of 2015);you CAN GENERALLY CLAIM ONLY ONE exclusion every 2 years. To qualify for the $250k/$500k home sale exclusion, you must own and occupy the home as your principal residence for at least 2 years before you sell it. If your home was your residence for at least 24 of the months you owned the home during the 5 years leading up to the date of sale, you meet the residence requirement. The 24 months of residence can fall anywhere within the 5-year period. It doesn't have to be a single block of time. All you need is a total of 24 months (730 days) of residence during the 5-year period.

Is it 2015 and 2016, so now in 2017 I'm good to go? Or do I need to wait until 2018?======>at least after April of 2017, If you didn?t exclude gain for selling a home on your tax returns for the previous 2years (and you don?t intend to do so on any returns or amended returns for the past 2 years that aren?t yet filed), you meet the look-back requirement.



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Old 04-20-2017, 01:26 AM
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Quote:
Originally Posted by Cr0ch3tgir! View Post


#1I bought my current house in March 2015 and sold a previous house in April 2015. On my 2015 tax return I excluded the gain on the sale. I am now thinking about moving again. I have met the other rules, but there is a rule about not having excluded the gain on sale of another house within the last two years. My question is this: When does the two years start?







#2;Is it 2015 and 2016, so now in 2017 I'm good to go? Or do I need to wait until 2018? Thanks!

#1;actually the new home's purchase month was Mar of 2015 as a new primary home after you sold the old hom einApr of 2015

#2; For safe harbor rule, you may sell the another primary home after apr of 2015 for 2 year rule satisfaction



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Old 04-20-2017, 01:17 PM
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I thought that was the answer. But then I started overthinking it. Thanks so much!



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