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San Francisco, CA asked in Tax Law and Real Estate Law for Washington

Q: How strict are the "live two years out of the previous five" to get the tax exemption when selling a house?

We've been in and out of the house over the last three years between renters. Does every day count or is it "generally" two years. What kind of documentation is required?

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1 Lawyer Answer

A: It's a hardline rule, 1 year 364 days doesn't work. It's also more complicated than just 2 of 5, there's 5 steps that can be found at IRS Pub 523.

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