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Updated about 9 years ago,
Is my two year personal residence gain tax free?
For most of this past year my brother and I have shared our 5 bedroom home with 3 roommates. Each spare room rents for just over $400/per month each. In about 6 months we will be looking to to complete our projects and sell our home. It's about tax time and I do intend to claim the rents on taxes. I need to know if our gain on the property would still be tax free after 2 years personal residence? I ask be cause I have been getting mixed answers. Please help, thanks!