I bought the house in 2013 and had lived there to July 2017. I rented out from Sep 2017 to August 2018 through a property management company. Now I am selling it in Feb 2019. Can I get the capital gain tax benefit? I was told I am not qualified for it because it was managed by a property management company for one year.
Thank you
to be your personal residence and qualify for the capital gains exclusion , you must have lived in that home as your primary residence for any 24 of the last 60 months. The specifics are in the link below
to be your personal residence and qualify for the capital gains exclusion , you must have lived in that home as your primary residence for any 24 of the last 60 months. The specifics are in the link below
Hi, NCperson:
Thank you for replying my question. What you told me was what I thought that I could get the capital gains exclusion since I had lived there for 4 years before I rented out for one year from Aug 2017 to Sept 2018. But my accountant told me since the house was managed by a property management, I am not qualified for the capital gains exclusion. I just wondered if he gave me the wrong information. I would like to figure it. I might have to find another accountant for my tax return if what he said was wrong. I would appreciate if you can clarify it with me. Thank you.
i would suggest showing your accountant the link I provided and ask him to document from the IRS where it states that your capital gain exclusion is invalidated by using a property mgmt firm ; if he can't prove it from the IRS (i.e. don't take his word for it) , suggest seeking advise elsewhere,