Quote:
Originally Posted by JMintzer
IIRC, you have to own a home for TWO years you escape the Short Term Gains penalty, not the ONE year claimed by our friend above...
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you might be right about that. I did some Googling on it..what I found is that the 2 year rule applies if you are seeking to avoid capital gain entirely, claiming it was a primary residence.
I could not find a definitive answer on whether you needed to keep it 2 years to qualify the gain as a long term capital gain.