Section 121 Home Sale Personal Residence Gain Exclusion
Вставка
- Опубліковано 3 жов 2022
- In this session, I discuss section 121 home sale personal residence gain exclusion.
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What happens if i qualify for the 121 exclusion but received a 1099-S form?
Simple question if you sell your primary residence after 30yrs of living there and buy another primary residence with the proceeds do you have to pay capital gains tax?
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I got a bit confused, I thought that the Home owner exclusion for 2y out of 5y doesn't have to be consecutive.
But you mention mention on the video 10:00 that, you will be "nonqualified" if you live X1, and rent out X2, but you live back again in X3 and X4, and then you sell it.
And then you say that if you live X1, X2, X3 and then Rent X4 and then sell it, you will be qualified for the 250,000(or 500,000 MFJ) exclusion.
I thought it doesn't have to be consecutive? Is the video wrong, or am I wrong?