Sold my primary home after renting it for 3.5 years will I have to pay capital gains tax.

[paul-messersmith]

I sold my primary home after renting it for 3.5 years.  I bought the home in 1992 for $75,000 and sold it for $150,000.  I had about $50,000 in upgrades and improvements.  How much will I need to pay in capital gain taxes.

[Critter]

Sorry but yes, you cannot get any of the personal residence exemption.  You will also have to recapture the depreciation taken (even if you didn't take any).

https://ttlc.intuit.com/replies/3388350

[tsnygard]

well since you sold the house for your parents then you yourself do not owe a profits gain, although your parents will owe on the portion minus $100,000

[tsnygard]

if the house that you sold was not used for any other profit gains then you will still fall under 1st home buyer clause. if the second home is a prime realestate location, then you will have to pay sales growth on the lesser.

but if it was a downgrade, because of divorce or a death, then you have what is called a relief tax break you might want to look into..