Will there be any capital gain tax if the property is rented for 3 years from JULY 2014 and unable to sell for past three months. Owner stayed for previous 10 years.
Since I did not rent and not able to sell the 2 years out of 5 years is getting shorter..
01222
1 Best answer
Zbucklyo
Level 9
Jun 6, 2019 3:12:13 AM
If you have not lived in the house as your primary residence for two of the past five years, you will not be eligible to exclude any of the capital gain on the property from tax. If you gave not lived there since July 2014, you fail the 2 of 5 test.
1 Replies
Zbucklyo
Level 9
Jun 6, 2019 3:12:13 AM
If you have not lived in the house as your primary residence for two of the past five years, you will not be eligible to exclude any of the capital gain on the property from tax. If you gave not lived there since July 2014, you fail the 2 of 5 test.