Facts: Selling a current rental property that was our primary residence Dec 2012 - Jan 2019. We currently own our primary residence that we purchased Jan 2019.
Plan: Our plan is to sell the rental property and close on it before January 2022 which would mean that it was our primary residence 2 out of the recent 5 years.
Question: How to we keep our tax liability as minimal as possible given the facts and plan above? Can we use the gains on selling the rental property/previous primary residence to improve upon our current primary residence to minimize tax liability?
