I purchased my home 21 months ago and I am in the process of selling it. I read the exemptions for the capital gain tax but I am not sure I qualify. I have been with my current employer for almost 4 years but I am going to school to become a realtor and I am also taking nursing classes. I will be done with both courses by March of next year. Would I qualify for any exemptions?
Capital gains on primary residence
- Thread starter Momof5
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The Finance Writer
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You cannot exclude any of the gain from sale of a home that was not your primary residence for at least 24 months.
As the others have said, you must both own and use the house for two full years to qualify for the exemption. Sale of Your Home | Tax Help Advisor
If you are expecting a significant gain after paying the costs of sale (which reduce your gain) you may want to consider waiting to sell the house - or at least waiting to close on the sale and move out - until the second anniversary of your purchase.
If you are expecting a significant gain after paying the costs of sale (which reduce your gain) you may want to consider waiting to sell the house - or at least waiting to close on the sale and move out - until the second anniversary of your purchase.