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dreamavision
New Member

I own a house & my husband owns a house. I lived in my house from 2009-2011 with my parents. I moved into my husband's house after we married. My parents remained.

I own a house I bought in 2009 and lived in with my parents until I married in 2011. My husband bought a home for us to live in, he is sole owner. My parent's have lived in my home since I moved out in 2011. I declared my husband's home as my primary residence because I believe even though we are sole owners of each property and I go back and forth because my mom is ill, only one of our homes can be designated primary. When I sell do I pay Capital Gains between year I moved out and when I sell? If I end up moving back to my home, do I pay Capital Gains eventually when I sell?

1 Reply
TurboTaxSusan
Moderator

I own a house & my husband owns a house. I lived in my house from 2009-2011 with my parents. I moved into my husband's house after we married. My parents remained.

Yes, you may have to pay Capital Gains when you sell your property. However, you’ll only have to pay gains based on the time when it wasn’t your principal residence.

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