Asked by Nbalchandani, 60657 • Thu Feb 28, 2013
I bought a condo 2 years ago that I plan to sell this year. I have lived in this condo for entire 2 years and it is my Primary residence. Now according to IRS I would get tax exemption on the capital gain from the sale of the condo if
The capital gain is less than 250k (as I am single)
The condo is my primary residence and I should have lived there for two out of the five years before the sale
Does this mean that I have to hold onto the condo for 5 years before I sell to get the tax break or that it should be my primary residence for 2 years after which if I sell anytime I am eligible for the tax break?
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