I rent an apt. In NJ. 5 yrs ago I bought a vac. condo in Fl. I now want to sell. Will I have to pay c.g. tax?

0 ⤊

I rent an apt. In NJ. 5 yrs ago I bought a vac. condo in Fl. I now want to sell. Will I have to pay c.g. tax?

I don't own any other property. I'll probably make about 45,000 to 50,000.

2007-02-02 15:06:46 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate

2 answers

No, you should not.

2007-02-02 15:13:16 · answer #1 · answered by joe1max 4 · 0⤊ 0⤋

You have to live in a place two out of the last five years. If it's a vacation home, you probably don't meet that requirement. So, yes, I imagine you will have to pay capital gains taxes on it.

2007-02-03 04:07:06 · answer #2 · answered by Katherine W 7 · 0⤊ 0⤋