Quote:
Originally Posted by The Yen Man
Yah, my understanding is, you don't have to live it for a year. It's considered a lottery winning. So if your house was assessed at $1M, and you sell it for a million, then you don't need to pay taxes.
Now, if it was assessed $1M, and you didn't sell it for a year and it went up to $1.1M, then that $100K is subject to cap gains tax, unless, as you mentioned, you were the one living in it for a year and claimed it as your principle residence.
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That would be my assessment as well.
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