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Updated almost 6 years ago,
Capital Gains Question
I have a quick 2- part question for a friends guys. They had last minute orders.
I remember reading somewhere that if you move in less than 2 years due to military orders or family circumstances you could divide % of time you were in the house (# months there/24 months) *500k. This is the amount that you can have in capital gains. They only have 7k capital gains but lived in the house for 7 months. Anyone know what IRS publication that can be found in?
If they were using turbo tax or one of the online softwares. How would they fill out this information? Thanks I really appreciate it