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Updated about 3 years ago,
Prorated capital gains tax exemption?
I was wondering if anyone knows if the 250k or 500k for married couple capital gains tax exemption can be prorated?
I’ve lived in my house for 6 months but it’s gone up in value $100,000 and capital gains would make or break if I would sell or not.
My tax guy says since I just got married, then the 500k prorated over the 2 years comes to roughly 20k per month that I’ve lived there which would make me exempt from paying capital gains up to 120k.
Can anyone give me some insight on this? I’ve gotten so many different answers to this question.