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Updated over 6 years ago on . Most recent reply
Exceptions to the 2-Out-of-5 Year Rule
Hi,
I have a very specific question for you. We have lived in a house for 715 days within the last 5 years, it was our primary residence that we have rented after the number of days above for 2 years, and we are planning to sell it within a 5 years since we bought the property. Is the 2 out of 5 year rule very specific, do we really needed to live in the property for 730 days, and 715 days will be not enough to avaid capital gains tax? If so, can we at least partially avoid capital gains tax, we are talking about around $30k in capital gain tax
Thank you