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I moved out of my lifetime principal residence 10 years ago. At that time, my adult child (over 18 yrs of age) moved in to the house.
I will sell the house this year. The market value of the house 10 years ago was $500,000. Today it is $600,000.
Because my child is living in the house , the additional $100,000 gain is eligible for the principal residence exemption....or does the child have to be under 18?
I will sell the house this year. The market value of the house 10 years ago was $500,000. Today it is $600,000.
Because my child is living in the house , the additional $100,000 gain is eligible for the principal residence exemption....or does the child have to be under 18?