I have a home which I can sell tax free. I have lived in it for 2 of the last 5 years. I would like to sell on contract and have the balance of the contract due in 3 years.
The reason for this is that after 3 years, maybe the payments will no longer be tax free because at that point I haven't lived in it for 2 of the last 5 years.
Or will they still be tax free for longer than 3 years, that is the question. Which way of thinking is correct with the IRS?
The reason for this is that after 3 years, maybe the payments will no longer be tax free because at that point I haven't lived in it for 2 of the last 5 years.
Or will they still be tax free for longer than 3 years, that is the question. Which way of thinking is correct with the IRS?