You must hold your main home for a period of 2 years or longer to qualify for the Section 121 exclusion. Refer to IRS Publication 523 for complete eligibility requirements. No, you can’t claim your capital gain income as salary since all income must be reported on the corresponding tax schedule. Talk to a CPA that specializes in real estate to get correct advice on how to lower your tax rate legally (while keeping you out of trouble with Uncle Sam).
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