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Updated about 3 years ago on . Most recent reply

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Paul Saephan
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3
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Capital gain tax owned for three years

Paul Saephan
Posted

Hello so I have a house which I held it since oct 2019 currently still own it. I spent one year renovating it then rented it to family for one year (was not posted on market or claimed on taxes due to it just being break even) and currently renovating again to get it to market value for sale. I was wondering if I would need to pay taxes on capital gains since I owned it for three years but technically didn’t live in it. Bills were in my name for just less than two years but the bills were very minimal cost wise as I didn’t actually live there. So basically I was wondering if I could claim it as primary resident to avoid taxes. Any input would be appreciated.

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