“You should be prepared for the tax consequences of a home sale before you get in too deep.
You’re probably asking about the capital gains exclusion — the Section 121 exclusion — on a home sale.
To qualify, you must meet both the ownership test and the use test, said Martin D. Hauptman, partner in the trust and estates and tax law practice groups at Mandelbaum Barrett PC, P.C. in Roseland.”
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