WorldWatcher
Gold Member
Isn't that a one time thing? First home sale?
My understanding is not anymore, I do believe that is the way it used to be but somewhere along the lines requirements changed.
Two pertinent ones are:
- It must have been your primary residence for 24 mounts out of the last 5-years.
- You cannot have sold another property for which you have claimed the exception within 24 months from the date of sale.
- You can now claim the exception more than once, but there are limitations with the two above being the timing restrictions.
(DISCLAIMER: I'm not a lawyer or a tax professional. I'm a homeowner that has reviewed this since we may be selling our larger house in the next couple of years. After owning the home for 20+ years we are likely to see significant profit, but less than the $500K threshold.)