I have lived in this property for 5 years, I am considering renting it out and purchasing a new home for my primary residence.
My understanding is that, as long as I have lived in the rental for more than 2 of the previous 5 years I will not have to pay capital gains tax. I that correct?
If it is not correct and I decide to sell the rental property after just 1 year, can I roll any gains into refinancing the primary home to avoid capital gains?
