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Just wonder how long do I have in live in my property to…

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Hi. Just wonder how...

Hi. Just wonder how long do I have in live in my property to claim residential property

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I'm thinking selling my investment property, my friends said I can move in to live there for a certain period of time before selling it so I don't have to pay lots of tax

Accountant's Assistant: Is there anything else important you think the Accountant should know?

No, not sure

Submitted: 8 months ago.Category: Tax
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11/23/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,759
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** am reading over your inquiry. I will respond to you shortly.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago

What country is this inquiry in relations to?

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Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago

Sounds like you are referring to the U.S. tax. Is this correct? If so, you are referring to the home sale exclusion. Regarding the home sale exclusion, in order to exclude a certain amount of the sales price, there are two tests that have to be met. Those tests are as follows;

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Eligibility Step 2—Ownership Determine whether you meet the ownership requirement. If you owned the home for at least 24 months (2 years) during the last 5 years leading up to the date of sale (date of the closing), you meet the ownership requirement.

Eligibility Step 3—Residence Determine whether you meet the residence requirement. If your 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 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.

REFERENCE SOURCE:

https://www.irs.gov/pub/irs-pdf/p523.pdf

If you are not referring to the U.s., let me know what country you are referring to.

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