Question: When you purchase a home is there a penalty for selling it before living in it for 2 years?
Answer: Yes, a homeowner selling a house before they have owned it two years will be responsible to pay to the IRS capital gains tax on the increase in value between the purchase price and the net sale price. If you are not making a profit, then there is no IRS penalty.
Attorney: Mark Miller
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Our team of legal experts is here to help you navigate the complexities of corporate law, litigation, estate planning, and wills and trusts. With years of experience in these practice areas, we have the knowledge and skill to provide you with the legal guidance you need to achieve your goals.
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