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Updated almost 6 years ago,
Selling real estate without capital gains or penalty
I flip properties as a side job from my full time job and have been successful at it for about 9 years. I have always wanted to learn more about capital gains and the 1031 exchange program. I always keep my houses for two years so I am free from paying any capital gains but have a question about another scenario. I sold a house in June 2018 as I owned that home for 2 years and was my primary home up until last June. I have my current house that I fixed up which is my current primary residence and rented it out for about 9 months and have took it over afterwards as my primary residence. My two years of owning the home will be met this coming May. My question is can I sell this house this year without any penalty since I sold a house last year? This is a question my realtor and I have. Hoping someone can shed some light on this.