So my parents purchased this house in 1996. We lived in it until 2011. In 2011, I purchased the property from my parents. My parents used the money to fix up the house and we put it up for rent. It has been a rental property since 2011. I just sold this house in Dec 1, 2020. My husband and I are planning to use the money gained from the sale to build a new home. Does anyone know if a) can i avoid capital gains tax by qualifying for this to have been a residence for me? b) any other strategies to avoid having to pay taxes on cap gains and the depreciation? c) any strategies/advice to defer the taxes?
