Capital Gain Tax for Real Estate Property

[Sam Dalton]

I have a Condo that I have owned and lived in as a primary residence the past 5 years but only the last 18 months I have rented it out. I plan on selling it next month. Will I get hit with Capital gain Tax?

[Kim Crouch]

Disclaimer: You should consult a tax preparer to answer this question for your specific situation. My layman's knowledge that is not tax advice: You can exclude up to $250,000 of the gain from capital gains tax if you are filing single and up to $500,000 if you are married filing jointly, because you lived in it 2 out of the past 5 years.