Transfer Of TitleTaxes

Transfer Of Title Practice Question

To qualify for the capital gains exclusion on a primary residence sale, the homeowner must have owned and used the home for:
A
1 year
B
2 of the last 5 years
C
3 of the last 5 years
D
5 consecutive years
Explanation

To qualify for the capital gains exclusion, the homeowner must have owned the home and used it as their primary residence for at least 2 of the 5 years preceding the sale. The 2 years don't need to be consecutive.

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