Hello,
Relinquished and exchanged into an investment property in Sept 2017. Rented it for two years. Moved in after two years. living in it for two years.
Can I sell it after 5 years of ownership and have a tax free profit up to 500K & and add back depreciation from purchase of relinquished property? It is free and clear now. Can I create an investment property again while taking cash out, move out and purchase a primary residence with that cash? If I can take cash out, are there limits of the cash out?
Thank you for your help.
LG
Hope that's clear....
