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Sale of Home Requirements

Posted on June 8, 2018 in Firm News

If you own your home but are unable to take care of yourself, here is something to think about. A taxpayer who has owned and used their home as their principle residence for at least 2 out of the 5 years leading up to the sale can exclude $250,000 or $500,000 if married on the gain when the home is sold, however the IRS has lowered the length of use requirement to 1 out of 5 years preceeding the sale for those who are in nursing homes.