Are taxes due on capital gains of a second home? The home was purchased in 1994, and the owner has not lived in it since 2008. He never rented the home and it was used as a second home. His young adult children have lived in the home on and off and the owner used it to store some of his belongings. He just sold the home in January 2024. Since he never rented it out or made business use of it is there an exception to the rule of him having to have lived in it 2 yrs in the last 5 years to avoid paying capital gains tax on the first $500k. He is filing MFJ
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