Quote:
Originally Posted by courtyard
I remember decades ago when you had to be over 50 years old to sell your house without penalty. Then "they" changed the rules which led to people flipping homes, destabilizing neighborhoods and leading to the 2008 real estate crash.
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The rule where you need to use the house as your primary residence for 2 of the past 5 years to exclude the capital gain, went into effect in 1997. But, you still need to live in the house for 2 years, which makes it difficult to do a lot of flipping.