My husband and I bought our house on Feb 1, 2000. The subdivison we are in has really taken off. Our builder can build us a bigger house on a better lot for approximately the same price. We should make about$110,000 profit on our current home. We plan to move into our new house in May, 2001. We would have owned and lived in our house for about 485 days. Can we exclude the $110,000 capital gains we made on the first house? I have seen things about having to live in your house for two of the past five years. I understand about the two years, but what does five years have to do with anything? It seems we can prorate our exclusion and still not have to claim any gains.
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