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Updated over 6 years ago on . Most recent reply

John B.'s profile image
John B.'s profile image
John B.
  • Investor
  • from Palisade, Colorado
  • Member since Aug 9, 2016
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21
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2
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John B.'s profile image
John B.'s profile image
John B.
  • Investor
  • from Palisade, Colorado
  • Member since Aug 9, 2016
Connect
John B.
  • Investor
  • Palisade, CO
2
Votes |
21
Posts
Buying & Selling Real Estate

Tax implications of IRS 121 for the sale of a home???

John B.
  • Investor
  • Palisade, CO
Posted

I am selling a home that I have lived in for the first two years of the last five year period. During the most recent five years we have been renting the house out. What are the tax implications for selling the house?

Do I pay 3/5 of the capital gains tax? None of it? 

How does this work and where does it tell me in the IRS code?

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