by scottabe on November 8th, 2006

scottabe

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I'm moving to Boston from California and selling the house I've lived in for 7-8 years. Is it true that if you've lived in a home for more than two years, you're exempt from the capital gains tax?

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  • by ptrask on November 8th, 2006

    ptrask

    As a long-time Boston area native, I don't know why you would want to move here from California! :-)

    Regarding the capital gain on your home, if you have lived in the home for 2 years, you can exclude up to $250,000 of any capital gain from taxes. That figure is $500,000 for a couple. If you use the proceeds to buy a new home, that would automatically exempt the purchase price of the new home from capital gains taxes.

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