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This has kept me up for a few nights. Back on 28 April I sold my house and had a capitol gain of about $25K (+/-). I moved into the hosue on 29 March 1998 BUT I did not close on the house until 15 May 1998. For tax purposes, the law seems to say i had to live there for at least 2 years (which i did) but does it also say I have to own the property for 2 years. Does the IRS go by calendar days or by months - I did own the property for 24 months? Am I really out of luck? Am I going to owe $5K for 3 weeks.
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