Very helpful!!! Thank you so much!!
My question is house selling should be within 5 years of ownership to avoid a capital gain tax??
For example, if house is owned from 2011 to 2017( 6 years) and sold on 2017, is there a capital gain tax??
If house is owned for 5 years and owner lived for 2 years with 3 years rent-out (move in and out), is there a capital gain tax?
I heard someone and tax accountant say I'm eligible for non capital gain tax but other says different.
I would like to figure out if there is capital gain tax or not ...and how to calculate...
Home purchased May 2011
Lived until Nov 2012 (18 months)
Rented out Nov 2012 to Dec 1st 2015 ( 3 years)
Owner moves in on Dec 5th 2015 until house is sold
Loan amount $115,000
Remodeling $50,000
Agent fee 5-6% (don't know yet, average)
and what other fees or taxes in CA ??
My agent told me she can sell it within 2 months or possibly make to sell on May 2016 If needed for avoidance of capital gain...
She, agent doesn't know about this rule, but I see you point is that, If 1099-s is given, there is a capital gain tax and if not given, 0 capital gain tax...
Thank you for reading and looking forward to someone's answer....advice...
