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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.
