Home Sale Exclusion Rules

Dated: 03/30/2013

Views: 1596

 

Do you qualify to exclude from your income part or all of gains on the sale of your home? This is important information if you are planning to sell your home. 

Here are the rules:

1)    You must meet the ownership test (meaning you lived in the home for at least two years out of a five year period ending on the date of the sale.)

2)    You meet the test use (meaning you used the house for your main residence for two years out of the same five years.)

3)    During the 2 year period ending on the date of the sale, you did not exclude gain from the sale of another home.

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Janis St. Onge

I am a certified Short Sale and Foreclosure Resource (SFR) who works with first time home-buyers, empty-nesters and investors. Call me today and let me be your eyes and ears in the Charleston tri-cou....

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