What is the primary residence exclusion?
An example of an AI chatbot conversation about primary residence exclusion in tax law.
What is the primary residence exclusion?
The primary residence exclusion allows homeowners to exclude a portion of capital gains from the sale of their primary home.
How much can I exclude from my capital gains?
You can exclude up to $250,000 of capital gains if you're single, and up to $500,000 if you're married filing jointly.
Are there any requirements to qualify for this exclusion?
Yes, you must have owned and lived in the home for at least two of the last five years before the sale.
What if I rented out my home for a while?
If you rented it out, you may still qualify, but the exclusion may be reduced based on the time it was rented.
Use ChatGPT in Telegram
Get this answer and more from ChatGPT in Telegram, try it for free!
Get Started For FreeWhat can MagicBuddy do?
The Friendly AI in Your Pocket
Powered by advanced language models trained on billions of online words and conversations, MagicBuddy delivers friendly and helpful chat on demand.
Ask questions and get answers. Crack jokes and get laughs. Or even get writing ideas and study help. MagicBuddy's conversational intelligence allows for a truly unique and useful chat experience.
Curious? Try these prompts:
Telegram's Best AI-Powered Chatbot
MagicBuddy is incredibly easy to use and the responses are lightning fast! 🥇
Impressive! MagicBuddy is my go-to AI assistant. It’s quick, accurate, and user-friendly.
Sending voice messages makes it easier to use in the middle of the day and the answers are super fast.
Love it! A friend of mine told me about it and it has made my life so much easier. It’s like having a helpful friend in my pocket!
I use 2 months already, simply amazing! MagicBuddy delivers answers in a snap. It’s a must-have tool for staying informed!
Game-changer! MagicBuddy’s speed and accuracy are unmatched. It’s my secret weapon for productivity
Talk to ChatGPT on Telegram
Say Hello to Your New Telegram BFF - Try MagicBuddy Free!
Get Started For Free