I sold a house CFD and get it put a bet on 5yrs subsequent I am immediately reselling how do I article for on taxes?

I bought the house (and used as a residence) for $32k, invested $5k in improvements and sold for $43k on the contract for achievement. Over the time of the contract I reported interest income and expense but no gain or losses. Expected public sale price on the current Dutch auction (convential) will be $42.5. Since I enjoy not be surrounded by the house for 5 years I am guessing that I miss the exemption. What is my justification? The $43k that the contract be worth? My unproved reason? Or is nearby another treatment taxwise?

Answers:
Right, you miss the exemption for not have owned it for the final 5 years, and not have lived surrounded by it for the finishing 5 years. How did you occur to finale up next to the house stern? Did you report the mart proceeds of 43k when you sold it? If not consequently I mull over your idea would be the 32k + 5k contained by improvements + payments received over the 5 years. If you did report the public sale proceeds consequently your proof would be the 43k
I devise you are on the right track. I infer you should be using an in the swing of things idea.

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