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Updated almost 8 years ago,
Military capital gain question
Hello all thanks in advance for the assistance!
So I am putting my rentals on the market at the end of the month that I purchased for 230. The list price will be around 410. Just some other important information I have owned the town home for 7 years lived in it the for the first 20 months than was transferred by the military to Hawaii than followed by Virginia. I have read some of the IRS rules that apply to this and I am still a little unclear because they are different for military. I know they extend the normal 5 years to 10 years but I am unclear if the 2 year requirement is different.
If there are any other service members or tax pros that have handled this in the past please pass along your story!
https://www.irs.gov/uac/irs-helps-military-personnel-get-new-law-s-tax-breaks