A 9-Part Guide To Tax Planning For Homeowners


Part 4 – Other New Changes

A 9-Part Guide To Tax Planning For Homeowners

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The old rule required that you had to be 55 years or older. They got rid of that clause in the rule. Now, there is no age requirement. There is no particular distance you’ll need to move from your old house in order to be qualified for the exclusion. If you’ve taken the exclusion by way of the older rules, you can take it again under the new ones.

Basically you get it back. Previously, home sales needed to be reported on the 2119 form. When the new rules took over, this was eliminated. In order to be qualified, your house will need to be your main residence.

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