My wife and I live in a home that we rent from Home Partners of America. They purchased the home for $530k in Nov 2020. We are considering moving at the end of this year's cycle, and exercising the option to purchase, which was pre-established when we moved in at $600k. The home is currently valued at $680k and is likely to be well over $700k in Nov.
Our plan is the purchase the home from Home Partners and immediately sell it, possibly in a single transaction. We will have lived in the home as our primary residence, paying rent, for 2 years, but we would have only owned the home for 30 seconds. Will we owe capital gains tax on the sale?
