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Updated over 9 years ago on . Most recent reply
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Keeping all the profit.
BP family, If I was to purchase a home to eventually flip (house hack) how long would I need to live there in order to not get Tax's taken from the flip profit?
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From the IRS Publication:
Eligibility Step 2—OwnershipDetermine whether you meet the ownership requirement. If you owned the home for at least 24 months (2 years) during the last 5 years leading up to the date of sale (date of the closing), you meet the ownership requirement.
So you don't have to own it for 5 years. The 5 years comes in if you, for instance, lived in it 2 full years, then rented it out for 3, then sold before the 5 year period, you would still qualify for the full amount.