Thank you so much for your time to answer me.
Let's say.
Home purchased $249,900 on May 31st 2011(now estimates $450,000)
Lived there until Nov 2012 (18 months as a primary residence); 1 year and 6 months
Moved out and rented out until Dec 1st 2015 (Rented for 36 months); 3 years
Move in on Dec 5th 2015 (Becomes a primary residence)
For instance
Let's say If Home owned May 31st 2011 to May 31st 2016 ( Total 5 years), and I lived for 2 years in a inconsecuitve way...
If home sold after June 2016, am I qualitied for no capital gain tax?
What is a best time I sell a home to avoid this tax? I mean is there a deadline to avoid this tax?
Should home be sold within 5 years? If home is owned for more than 5 years, is there a capital gain tax?
My home capital gain is over $200,000 and I'm married jointly.
I appreciate all of you to read this....
Is anyone helped me how much it would be and how to calculate this tax?
Purchased home $249,900
Loan amount $115,000
Home remodeling $50,000
If home sold $450,000
Agent fee (commission 5%) $22,500
And other fee (no idea)
Our income for both $69,900 (with rental income $27,900)
This is California area
