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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2314
Experience:  IRS licensed Enrolled Agent and tax instructor
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I am going to sell my property, this property was bought in

Customer Question

I am going to sell my property, this property was bought in 2006, and I added my daughter's name into the property in 2008.
The selling of this house give us about $1,000,000 profit, how much the tax free we could have, total $500,000, or $750,000 ?
Thanks in advance for your ansewer
Submitted: 9 months ago.
Category: Tax
Expert:  emc011075 replied 9 months ago.

Hi. My name is ***** ***** I will be happy to help you.

If the property was your primary residence for at least two out of five years prior to sale, you can exclude up to $250K each. The maximum exclusion is 500K.

Expert:  emc011075 replied 9 months ago.

Any questions?

Expert:  emc011075 replied 9 months ago.

Pamela, I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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