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Updated about 7 years ago,
Capital Gains Exclusion Home Sale will be 5 YEARS instead of 2!!!
No on seems to be talking about this. But as of January 1, 2018 the new Tax Overhaul Bill will substantially increase the requirement to live in a home from 2 years to 5 years in order to qualify for the capital gains exclusion on primary home sale ($250,000 Single Filer/ $500,000 Married).
We have lived in our home 2.5 years and will be selling it in January 2018. Are there any creative (and legal) ways to avoid the change in 2018 from taking away our capital gains exclusion? Please do not suggest staying 5 years. Anything creative that would work like possibly transferring to a trust or LLC this year to establish gain in 2017 rather than 2018?
Much appreciated!