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Author: brxkic One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121341  
Subject: Definition of Primary residence--capital gains Date: 4/24/2006 1:56 PM
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Hello!

Have a question about a pending sale of my house that I hope you can help:

OK, bought my house in VA ub June 2001. Lived there straight thru until August 2005. In August 2005, I moved to FL and bought a house in FL in Sept 2005. My sister is still living in my house in VA, and I go there on my time off every so often. If my FL house is declared as Primary, but I lived in the VA house for at least 2 out of 5 years (in this case a little over 4 years up till August 2005), is my house in VA also my primary residence?


What is necessary to call a primary residence primary? and is there such a thing has having 2 primarys (in my case, one in VA and one in FL)?

If I sell my house in VA now, do I have to pay capital gains tax (the gain will be about $100,000)?

Thank you for all the advice!
AC
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