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Updated about 5 years ago on . Most recent reply
Capital Gains tax proration?
Details
Condo purchased in November 2010 and occupied as primary residence as follows:
Purchase price 143K, current value 380K
Owner occupied = 3.6 years (November 2010 - June 2014)
Rented out = 4.7 years (July 2014 - March 2019)
Owner occupied = 11 months (April 2019 to present)
If I occupy it for another year and then sell it. How should I compute my capital gains tax? Will it be prorated or will I able to take the full exclusion? My tax folks are unable to provide me a specific answer to this.
Thanks for