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Updated over 1 year ago,

User Stats

100
Posts
22
Votes
Billy Au-Yeung
Pro Member
  • Lender, RE Broker
  • Renton, WA
22
Votes |
100
Posts

Foreclosure & Regaining ownership

Billy Au-Yeung
Pro Member
  • Lender, RE Broker
  • Renton, WA
Posted

I have a client in a very odd situation and wondering whether he would qualify for capital tax gain exemption since he had lived in the property for over 2 years.  Below is the timeline:

2005- Bought an investment property

2010- Foreclosure and went thru legal litigation to regain ownership

2010-2015 Living in this property as a primary residence and paid all the property taxes

2019- Regained ownership of the property

2019-2023 Converted back to investment property

2023- selling the property

I asked a couple of title officers and they also checked with their team but they don't have a clue.  I am wondering whether anyone had gone thru this situation.  Thanks.

  • Billy Au-Yeung
  • Loading replies...