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 yearB
2 of the last 5 yearsC
3 of the last 5 yearsD
5 consecutive yearsExplanation
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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