ANSWERS: 2
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I believe the answer is "no". You can exclude up to $250k ($500k for a couple) from capital gains taxes, as long as it's your primary home. You can do this every time you sell... most of the old limitations are gone.
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If you have lived in the home as your primary residence for two of the last five years prior to sale, you may exclude up to $250,000 from the profit of the home (up to $500,000 for a married couple). If the sale of the home nets you more than the exclusion, you will owe capital gains on the balance. It doesn't matter how long you have owned the home as long as you have exceeded two years.
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