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I have a question about capital gains tax on house sale. If I sold a house, is there a capital gains tax exemption?

Regarding capital gains tax exemption and capital gains tax on house sale, you can exclude up to $250,000 of gain on the sale of your main home if you meet certain requirements. Certain joint returns can exclude up to $500,000 of gain. You must meet all of the following requirements:

  • The home must be your residence.
  • You must have owned the home for a period of at least two years during the five years ending on the date of the sale.
  • You must have used it as a main home for at least two years within the five-year period ending on the date of the sale or exchange.
  • You can’t have used the exclusion for any home sold or exchanged during the two-year period. This period ends on the date of the current sale or exchange.

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