I own and lived in condo for 18 mos., then rented it out. I am considering selling it, but do not want to have to pay all that capital gains tax. Suggestions please.
2006-07-06 10:29:23 · 4 answers · asked by carolm 1 in Business & Finance ➔ Personal Finance
You can take advantage of the gain exclusion if you lived in the property for 2 years during the 5 prior years that ends on the date of the sale. If you had not lived in it for the 2 year requirement, you can prorate.
2006-07-06 10:43:13 · answer #1 · answered by 3eleven 4 · 0⤊ 0⤋
If you moved out for job reasons, the 24-month rule does not apply. However, only 75% (18/24) of the normal exemption will be applied to you.
2006-07-06 23:22:30 · answer #2 · answered by guj1982 2 · 0⤊ 0⤋
i am not to sure but i think if you reinvest the money back in another property you can avoid paying capital gains. Again i am not sure but you should be able to find out from a accountant
2006-07-10 18:34:24 · answer #3 · answered by Nicholas S 2 · 0⤊ 0⤋
You are supposed to have lived in it for 24 months. I'm not sure how to get around that.
2006-07-06 17:41:27 · answer #4 · answered by jamie5987 4 · 0⤊ 0⤋