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> Sell the house after less than five years You need to live there two years, not five[0]. > You showed that there are ways for middle-class homeowners to pay
by ineptech 5y ago
> Sell the house after less than five years
You need to live there two years, not five[0].
> You showed that there are ways for middle-class homeowners to pay the tax...
I said... "on their home". If you move out of it and rent it out, it's not your home anymore, it's an investment property, which is taxed differently, as it should be. Regular people (not real estate investors or landlords, people who just own one home at a time) almost never pay taxes on a home purchase[1].
0: https://www.irs.gov/businesses/small-businesses-self-employed/sale-of-residence-real-estate-tax-tips https://www.irs.gov/businesses/small-businesses-self-employe...
1: https://www.letmegooglethat.com/?q=do+i+need+to+pay+taxes+on+the+sale+of+my+home https://www.letmegooglethat.com/?q=do+i+need+to+pay+taxes+on...
- rascul 5y ago> You need to live there two years, not five[0]. Thank you. That wasn't clear to me. I interpreted it as you needed to have it for five years and live in it two out of those five. Makes me wonder why my father had to pay tax when he sold his house. But then this is just by memory, he doesn't have his 1040 anymore.