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Posted by: bigG 8 months ago
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bigG8 months ago
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As long as one has occupied the home for two of the last five years, they are entiltled to a $ 250K capital gains exclusion if single, and $ 500K if married. So, if you lived in a home for two years, then leased it for two and one-half years, you would qualify for the exclusion from capital gains.
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One would have to make a huge gain to be affected by the Capital Gains Tax.
This came from the Tax Relief Act of 1997. I am not sure whether it was indexed or not.
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