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AR15.COM
1/24/2008 5:17:48 PM EDT
ok so someone had to ask about taxes. figured it might as well be me this year.  i have a question and was hoping for advice or suggestions on it.  I recently lived in a rent to own home.  We actually paid it off 2 years early and sold it off this summer. anyway i am wondering how someone would report this on their income taxes.  it asks if you have owned the home for 2 years.  technically no but have been in residence for over 2 years before moving to our new home.  
any thoughts.
thanks
sean
1/24/2008 7:59:02 PM EDT
[#1]
It has to be in your name for 2+ years AND have been your primary residence for 2 of the last 5 years to avoid capital gains.