Brooklyn NY How to re-establish occupancy in a rental property

Brooklyn NY How to re-establish occupancy in a rental property

Brooklyn, NY · Member since 2017 · 1 post · 0 votes

Hi - I bought a condo 9 years ago and lived in it the first 5.  I then rented it when I moved out of state.  I'm looking to sell it and wanted to know if anyone knew how I could re-establish occupancy so I could avoid the capital gains taxes?  Is there a specific time alotment I would have to live in it for to do so?  

Thanks!

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  • Real Estate Investor · Unionville, CT · Member since 2016 · 260 posts · 167 votes
    8y
    I believe you have to live in it For 2 of the last 5years that you have owned it.
  • Rental Property Investor · Northern NJ · Member since 2016 · 341 posts · 144 votes
    8y
    Brian Fitzpatrick I️t needs to be your “primary residence” for for 2 out of the last 5 Year’s
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