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#4
05-16-2007, 02:31 PM
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Re: Capital gains tax question for sale of house
Correct...if you rent it for 4 after living in it for 2, you would need to live in it for another 2 years. Of course, if you just rent it for 3 after living in it for 2, then it would qualify.
No, the exemption is on captital gains...so, that's 250/500k of "profit" (meaning sales price minus adjusted cost basis) which is exempt from taxation. 
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