I have a property that was my primary residence in 2001-2003. I moved in 2004 to a home that was given to me. If I sell the first home, will I have to pay capital gains on it, given that it was my primary residence for at least 2 of the last five years?
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As the law is written, you have to have used it as your primary residence for the 2 years immediately prior to the sale. If the sales price is under $250,000, there is no capital gains, if over that amount, you should contact a tax professional. You could potentially pay a lot of money. -
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