Quote:
Originally Posted by manaboutown
People buy new and flip after a year elapses, some many times.
Of course if a couple resides in a home for two years or more capital gain of up to $500K on the sale of the home usually can be excluded from income tax.
|
I think that applies only to a person's "principal residence". If you've got a home elsewhere that you still claim as your principal residence, then any profit on the sale of your TV home is fully taxable in the year of the sale.