For number 1, I am confused are you saying that I can only open a traditional IRA when I am 50 or older? I don't believe that makes sense but please confirm. What is more tax friendly in the long run to have a traditional IRA or a roth IRA account?
Another question I have is, I had a main principal home purchased in mid 2019 and I was living in it for about 10 months and I moved out and had the property rented to the present day. The property is now an investment property and since I have not lived in it for 2 years out of the 5 from today, if I sell it today would I be subjected to the capital gains tax on the profits gained if we jointly file taxes and our income is less than $80,800 for this year? Is this income referring to the AGI or gross income? How Do I avoid paying capital gains tax on the sale if at all possible?
Thank you very much!
