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Updated over 3 years ago on .
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Q question about capital gains tax
Hi all!
last year I got married and rented out my condo that I had lived in since 2011. For the last year we have been renting it out. At this time we would like to sale, however I’m wondering if we would still be eligible to avoid paying capital gains tax. It’s currently a rental (since Nov 2020) but was my primary residence prior to this. Please let me know if I still qualify to avoid capital gains tax.
Thank you. Any help would be greatly appreciated.
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- Real Estate Professional
- West Palm Beach, FL
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Originally posted by @Michael Plaks:
Yes, you have 2 years after you moved out. There will be some tax on the depreciation you took since you started renting it.
Michael, made a typo...3.