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Reply to "How many times can you use $500K capital gains exemption on a primary residence?"
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[quote=Anonymous][quote=Anonymous]Is the $500k capital gains exemption a lifetime, cumulative exemption? So if I sound several primary homes, can I deduct $500K from each sale or is it $500K for all homes. For example: 1. House #1 sold, capital gains $200K, rolled into next house - used exemption $200K 2. House #2 sold, capital gains $300K, rolled into next house - used exemption $300K 3. House #3 capital gains $500K - have we exhausted the tax exemption? or can we exempt another $500k from capital gains tax? That would mean that we had a total of $1million in capital gains from the sale of three homes (all with 2 years+ primary residence). Can we use it again on the third sale? or is $500K the limit?[/quote] No limit, with the 2 year minimum requirement[/quote]
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