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Ok so I live there from 2008 to 2018 and then we rented it out for 18 months so that we could get my dads old house back together after it being a rental!! Then the pandemic hit and we decided to sell!! It was our primary resident and then the 18 months and then we took ownership for 7 months while we sold it!! Can we take the exemption?
Yes -- You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.
Hi, Need some help on my situation.
I bought the home on 09/2017 and it was my primary residence until 12/2020 and rented it from 01/21 to 03/22 and sold it in 03/22. Does my capital gain fully qualify for tax exception or does it only qualifies for the period i stayed in that home? Can someone please share your experience.
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