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Visitor I

Qualifying for excluding capital gains tax on home - 1.3 years of 5

We've lived for 7 years in the house we plan to sell, BUT in the last 5 years we only lived 1.3 years (as primary residence)....our son then lived in it for 2 years....and we rented it the last year. Do we qualify for at last a partial (or proportional) capital gains exclusion, or must one have the full 2 years (out of the last 5) to qualify?

1 Comment
TurboTax Specialist

Qualifying for excluding capital gains tax on home - 1.3 years of 5

Unfortunately, it does not sound like you meet the criteria for the gain exclusion. See links below for reference.

 

Selling a Home

 

IRS pub 523