topic Re: Sale of rental property, only owned property for 4 of 5 previous years. in Investors & landlords https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1660934#M54049 <P>Yes, it appears that you will owe capital gains taxes since you did not live in the property for two if the last five years.</P> Tue, 07 Jul 2020 04:40:30 GMT Country Apple 2020-07-07T04:40:30Z Sale of rental property, only owned property for 4 of 5 previous years. https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1660586#M54036 <P>Hi.&nbsp; Thank you in advance for your assistance.&nbsp; I purchased a property in 2009 while living in SC.&nbsp; I moved to CA in September 2014 but continued to own my property in SC and rent an apartment in CA.&nbsp; The SC property remained vacant Sept 2014 through May 2015 as I tried unsuccessfully to sell it.&nbsp; In June 2015 (unable to sell the house), I took on a renter who rented the SC property from June 2015 to August 2019, during which time I rented an apartment in CA (so only owned a single property, from which I received rental income).&nbsp; In July 2019, I purchased a property in CA (so property #2), which became my primary residence.&nbsp; In August 2019, my rental property in SC was vacated.&nbsp; In December 2019, my rental property in SC was sold.&nbsp; &nbsp;So, since I did not live in the SC property for 2 of the past 5 years, it seems that I'll incur capital gains taxes from the sale.&nbsp; However, for most of the 4 year rental (minus 2 months) the SC rental was my only owned property (I only received rental income with the SC property as my "second" property for 2months).&nbsp; Help!</P> Tue, 07 Jul 2020 00:37:52 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1660586#M54036 Benzy15 2020-07-07T00:37:52Z Re: Sale of rental property, only owned property for 4 of 5 previous years. https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1660934#M54049 <P>Yes, it appears that you will owe capital gains taxes since you did not live in the property for two if the last five years.</P> Tue, 07 Jul 2020 04:40:30 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1660934#M54049 Country Apple 2020-07-07T04:40:30Z Re: Sale of rental property, only owned property for 4 of 5 previous years. https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1661501#M54066 <P><EM><STRONG>However, for most of the 4 year rental (minus 2 months) the SC rental was my only owned property (I only received rental income with the SC property as my "second" property for 2months). Help!</STRONG></EM></P> <P>Doesn't matter. That property was "NOT" your primary residence for at least two of the 5 years you owned it, counting backwards from the closing date of the sale. So you will pay taxes on 100% of the gain.</P> <P>Even if you never rented it out and it sat vacant for the entire time, it was still not your primary residence for 2 of the last 5 years you owned it.</P> <P>&nbsp;</P> Tue, 07 Jul 2020 16:46:12 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1661501#M54066 Carl 2020-07-07T16:46:12Z Re: Sale of rental property, only owned property for 4 of 5 previous years. https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1662803#M54151 <P>Thank you</P> Wed, 08 Jul 2020 03:12:43 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1662803#M54151 Benzy15 2020-07-08T03:12:43Z
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topic Re: Sale of rental property, only owned property for 4 of 5 previous years. in Investors & landlords
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https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1660934#M54049
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<P>Yes, it appears that you will owe capital gains taxes since you did not live in the property for two if the last five years.</P>
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<pubDate>Tue, 07 Jul 2020 04:40:30 GMT</pubDate>
<dc:creator>Country Apple</dc:creator>
<dc:date>2020-07-07T04:40:30Z</dc:date>
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Sale of rental property, only owned property for 4 of 5 previous years.
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https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1660586#M54036
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<P>Hi.&nbsp; Thank you in advance for your assistance.&nbsp; I purchased a property in 2009 while living in SC.&nbsp; I moved to CA in September 2014 but continued to own my property in SC and rent an apartment in CA.&nbsp; The SC property remained vacant Sept 2014 through May 2015 as I tried unsuccessfully to sell it.&nbsp; In June 2015 (unable to sell the house), I took on a renter who rented the SC property from June 2015 to August 2019, during which time I rented an apartment in CA (so only owned a single property, from which I received rental income).&nbsp; In July 2019, I purchased a property in CA (so property #2), which became my primary residence.&nbsp; In August 2019, my rental property in SC was vacated.&nbsp; In December 2019, my rental property in SC was sold.&nbsp; &nbsp;So, since I did not live in the SC property for 2 of the past 5 years, it seems that I'll incur capital gains taxes from the sale.&nbsp; However, for most of the 4 year rental (minus 2 months) the SC rental was my only owned property (I only received rental income with the SC property as my "second" property for 2months).&nbsp; Help!</P>
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Re: Sale of rental property, only owned property for 4 of 5 previous years.
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https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1660934#M54049
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<P>Yes, it appears that you will owe capital gains taxes since you did not live in the property for two if the last five years.</P>
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<pubDate>Tue, 07 Jul 2020 04:40:30 GMT</pubDate>
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<dc:creator>Country Apple</dc:creator>
<dc:date>2020-07-07T04:40:30Z</dc:date>
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Re: Sale of rental property, only owned property for 4 of 5 previous years.
</title>
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https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1661501#M54066
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<P><EM><STRONG>However, for most of the 4 year rental (minus 2 months) the SC rental was my only owned property (I only received rental income with the SC property as my "second" property for 2months). Help!</STRONG></EM></P> <P>Doesn't matter. That property was "NOT" your primary residence for at least two of the 5 years you owned it, counting backwards from the closing date of the sale. So you will pay taxes on 100% of the gain.</P> <P>Even if you never rented it out and it sat vacant for the entire time, it was still not your primary residence for 2 of the last 5 years you owned it.</P> <P>&nbsp;</P>
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<dc:creator>Carl</dc:creator>
<dc:date>2020-07-07T16:46:12Z</dc:date>
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Re: Sale of rental property, only owned property for 4 of 5 previous years.
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https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-sale-of-rental-property-only-owned-property-for-4-of-5-previous-years/01/1662803#M54151
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<description><P>Thank you</P></description>
<pubDate>Wed, 08 Jul 2020 03:12:43 GMT</pubDate>
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