A quick question regarding exceptions for capital gains taxes on home sales. I have currently lived in my home for 2.5 years, initially when we moved in my father owned the home and we moved in and paid him rent with the agreement that I would then purchase the home from him after starting a new job. After starting the job I then purchased the home from him for what he purchased the home for minus the amount we paid him in rent (basically paying down the cost of the home). We closed on the sale of the home about 13 months ago. Since moving into this house, the housing market has gone insane and our family has grown and we are hoping to purchase a new home with an extra bedroom.
My question is this; do the exemptions for capital gains require that the title of the home be in my name for at least 2 years, or could there be a convincing argument that it has been my primary residence for >2 years and as such I can take the exemption to avoid the tax on the capital gain? Would this be possible despite not owning the home the entire time it has been my primary residence. Thanks for the info in advance.
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source https://www.reddit.com/r/RealEstate/comments/wx63jr/question_regarding_capital_gains_tax_on_sale_of/
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