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April 15, 2024
Question

Moved for work more than 5 years ago

  • April 15, 2024
  • 1 reply
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I own my property since 2000. Moved more than 5 years ago for work, however did not sell my primary home at that time, then all went south (covid hit etc..). 
I'm ready to sell now and buy one. Have I lost my capital gain exclusions completely? 

1 reply

April 15, 2024

Yes. while you will have owned the property for at least 2 out of the 5 years before the sale you fail the at least 2 out of 5 years before sale occupancy test. 

April 15, 2024

That's bad. Would any exceptions for other family members (parents, siblings?) still occuping it?

April 15, 2024

No, you would have to occupy the home, not family members. 

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