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Old 01-17-2014, 07:47 PM
 
1 posts, read 714 times
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Hello, I have a question I cannot seem to get any answer about!

We purchased property in 2011 and began construction on a home early in 2012. In Feb 2013 we moved in, now one year later we are looking to sell. Did our two-year residency requirement to avoid capital gains taxes start when we purchased the lot? When construction started? When we moved in? We didn't own any other property during this time. I'd appreciate any information! Thanks.
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Old 01-17-2014, 09:26 PM
jw2
 
2,028 posts, read 3,266,415 times
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To address your specific question, you must have owned and lived in the property for two of the preceding five years to take full advantage of the capital gains exclusion. However, there is more to it. See here for more info Publication 523 (2013), Selling Your Home
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