The capital gains tax deductible is if you buy a house and live in it for 2 of the 5 years, you get up to $250k capital gains tax free for primary residence.
What happens if you don't live in it for 2 years? We are thinking of selling our house and it will be 2 years in Dec, so we will have lived in it for 21 months our of 24 months.
1) If we make under $250k in capital gains what happens?
2) If we make over $250k in capital gains what happens?
What happens if you don't live in it for 2 years? We are thinking of selling our house and it will be 2 years in Dec, so we will have lived in it for 21 months our of 24 months.
1) If we make under $250k in capital gains what happens?
2) If we make over $250k in capital gains what happens?