Hello,
We bought our home in April 2011, lived there until May 31st 2020 (for over 9 years), moving to a town not far. We wanted to hold onto it in case we decided to move back. Its been rented since June 1, 2020. Considering we have an approximate gain of $150,000 based on today's selling price, we are worried we might trigger a big tax gain if we lose the exemption. We are in a rental and haven't bought a second home yet.
If we sell in 2022, do we still qualify for the capital tax gain exemption? We are a married couple filing jointly.
How do we report the sale of a primary residence if it was rented for part of the year it was sold using turbotax premier? Any specific steps to follow?
Thank you,
