Hello,
I am active duty and lived in my home for 10 years before getting orders and having to move(having to rent the house out). The house has been under a property manager for approx 2 years (a little less). If I’m reading the tax code correctly, I’ve lived there for 2 of the past 5 years. But due to being moved short notice, we were forced to rent. The house is currently in escrow to be sold next week. Signing the documents I came across the 1099-S. Because it asks about the house being used as a rental, am I liable to report and pay taxes on the sale? Looking for any advice. Thank you.
