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Updated almost 7 years ago on . Most recent reply presented by

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40
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Andrew Varney
  • Huntington, WV
45
Votes |
40
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When *exactly* is the 2 year mark to avoid cap gains?

Andrew Varney
  • Huntington, WV
Posted
My wife and I closed on a Condo Jan 19, 2017. Since then, it's appreciated ~120k (Seattle market + some renovations). I've read time and again that if we are live in owners for 2 years, there isn't capital gains upon selling (or at least 500k profit allowance we won't break). My question is exactly WHEN is that 2 years? We closed on Jan 19th, so if we sell on Jan 20th 2019, does that count? Does it need to actually be longer? Shorter for some reason? Just want to make sure we don't miss it by mere days. I'll put it on the market in December and require a close of Jan 20 onward if that is the magic date. Thanks! ASV
  • Andrew Varney
  • Most Popular Reply

    Account Closed
    • Tax CPA
    • Charlotte, NC
    186
    Votes |
    215
    Posts
    Account Closed
    • Tax CPA
    • Charlotte, NC
    Replied

    @Andrew Varney Good question. As long as this house has been your primary residence during the 2 years it will be Jan 19 2019. 

    The exact language is 24 months or 730 days. 

    Best of luck! 

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