How long do you have to live in a new build house before ur exempt from capital gains tax?
Answers:
Providing it is your only home and you have actually lived there and have utility bills etc, it doesn`t matter. You only pay capital gains tax if you rent the house out and you have your home elsewhere.
First speak to an accountant. I am sure that all building are included none are exempt.
assuming you sell the house for more than you owe on it, you will have to live there for 2 years before capital gains aren't considered. Of course, if you sell the house, and buy a more expesive home, it would also then be a moot point, since you don't have any gains
The house must be your "primary residence" for 2 out of the 5 years prior to your sale. If you make a gain on the sale the first $500,000 (you need to check this in case it has changed. also it assumes married filing jointly) is exempt from Fed (and most states) income tax.
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