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Updated over 6 years ago,
Newbie with tax question...HELP please
Hi guys. I have lurked for a bit but have never posted. I want say thank you for all the great information you provide!! I have done 2 house hacks in the past and now looking to start purchasing multi family. My question is: I am selling my SFH that I lived in for almost 3 years and rented out for this last year. When I sell that property will I have to pay income taxes on my gain? From what I have read I shouldn't be subject to Capitol gain tax because I have lived there more than 2 years. But, will they consider that "gain money" as income on my taxes? Any info would be much appreciated. I will most likely roll that money into a multi family but would like to pay some other things off with some of it.
Thanks again!
-Mark