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Updated almost 4 years ago,
Capital gain gonna be taxable on only sf house I own but rented
Hi, I own a single family but i moved out of that home to different city around 6 yrs ago, its been on rent since then and I have been renting myself. Now I will be moving out of state, so i am thinking if I should sell this house or not. If i decide to sell it, will I be able to get any tax deduction on capital gain?
I don't meet residency criteria of living in this house 2 yrs in last 5 yrs, to get 500k deduction filing jointly. I am moving out of state for my wife's job (but she isn't on title), will that still help us get any deduction?
If not, is my only option 1031 exchange? About 1031 exchange, can i buy before selling and does that apply towards selling investment property and buying one for primary residence, specially in this case when one only own a investment property?
TIA