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Updated over 1 year ago,
Foreclosure & Regaining ownership
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.