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hi, guys
i have a very basic question to which I received very different answers, so I'd appreciate your feedback.

Here is the situation:
We bought our first home(single family house) Oct. 2003 in Boston area. Now we're considering selling our house this Summer, which would mean that our ownership period is less than 2 years.
We may or may not buy another house after we sell this one.
Will the profit from the sale subject to Federal Tax if we do not buy another house in 90 days?
Do we have to "trade up" to a bigger residential house to avoid the Tax?
How about if we buy an income property to rent out and rent ourselves?

all ears, MZ
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