do I have to paid capital gain taxes if I sell my rental propety if it was rented only for 2 years?

Question

I want to use the money to paid some of my mortgage payment in my house

Answer 1

Yes you will have to pay. It is not your primary residence. However, you could defer the taxes through a 1031 exchange and purchase a similar property and not pay taxes right away. This probably won't help you because you want to pay down your mortgage though.

Answer 2

apartment components does not qualify for the two 3 hundred and sixty 5 days exclusion on your individual place of residing till you reside partly of it. then you definately can exclude the income on the share of non-public use. in any different case, you pay tax on the entire income. Your capital positive aspects cost fluctuates reckoning on the quantity of your earnings, even nevertheless it is going to likely be capital positive aspects, no longer hassle-free earnings.

Answer 3

go to IRS.gov and look up capital gains it explains it there. there are a lot of what ifs......but I would definitely save that money until you find out for sure if you qualify for exemption or not.