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Maverick
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 5928
Experience:  20 years professional experience
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On July10, 2014, we moved into a house we had used as a

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On July10 , 2014, we moved into a house we had used as a rental for 12 years. It is now our primary residence. How long do we have to reside in the house as the prime residence before we can sell it and get the $500,00 exemption from capital gains?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Maverick replied 1 year ago.

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Expert:  Maverick replied 1 year ago.

If this home was your residence for at least 24 of the months you owned the home during the 5 years leading up to the date of sale, you meet the residence requirement. The 24 months of residence can fall anywhere within the 5-year period. It doesn't even have to be a single block of time. All you need is a total of 24 months (730 days) of residence during the 5-year period.

Expert:  Maverick replied 1 year ago.

If this home was your residence for at least 24 of the months you owned the home during the 5 years leading up to the date of sale, you meet the residence requirement. The 24 months of residence can fall anywhere within the 5-year period. It doesn't even have to be a single block of time. All you need is a total of 24 months (730 days) of residence during the 5-year period.