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<blockquote data-quote="Josie" data-source="post: 599281" data-attributes="member: 1792"><p>I am not a tax expert, but we just sold our house last year. It does not have to be reported on your federal income tax return unless the gain exceeds $250,000 for a single person. I think you can do it the way you want with no federal tax implications.</p><p></p><p>ETA: Here is a link to the IRS information about it. Basically, you do have to have been living in the house for 2 of the last 5 years and not sold another house in the last 2 years to qualify for the exemption of the gain. <a href="http://www.irs.gov/taxtopics/tc701.html" target="_blank">http://www.irs.gov/taxtopics/tc701.html</a></p></blockquote><p></p>
[QUOTE="Josie, post: 599281, member: 1792"] I am not a tax expert, but we just sold our house last year. It does not have to be reported on your federal income tax return unless the gain exceeds $250,000 for a single person. I think you can do it the way you want with no federal tax implications. ETA: Here is a link to the IRS information about it. Basically, you do have to have been living in the house for 2 of the last 5 years and not sold another house in the last 2 years to qualify for the exemption of the gain. [url]http://www.irs.gov/taxtopics/tc701.html[/url] [/QUOTE]
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