herschensohn
My parents bought a new home and decided to move into that new home for two years, claim it as their primary residence and then move back into our old home and sell the new home without having to pay capital gains (on the first $250k). I just took a real estate class in Hawaii and was told by the instructor that if my parents were audited when they filed their taxes, this would be considered fraud (vs moving into a new home and selling their original residence). Is this true?
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Your instructor is wrong..that is 100% legal.
As long as they were REALLY living there, all mail, bills, etc…they are in the clear.
I am currently living in my 8th primary residence home, and previous to that, I have never stayed in a house longer than 5 years, but always more than two.
I have a CPA do my taxes, never a problem.
U moet leven meer toen 2 jaar in uw primaire woonplaats, zonder vermogensaanwas te betalen.
Goed Geluk!
Zij zijn fijn als zij in een huis twee uit de laatste 5 jaar leven zodat kunnen zich zij terug naar het oude huis bewegen en als zij het reeds bezaten en daarin leefden verkoopt twee jaar in laatste 5 dat