Capital Gain Tax for Real Estate Property

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Capital Gain Tax for Real Estate Property

Sam Dalton
Rental Property Investor · Ranson, WV · Member since 2019 · 21 posts · 6 votes

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?

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  • Kim Crouch
    Wilmington, NC · Member since 2022 · 8 posts · 9 votes
    4y

    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.

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  • Sam Dalton
    OP
    Rental Property Investor · Ranson, WV · Member since 2019 · 21 posts · 6 votes
    4y

    @Kim Crouch yes I am working on hearing back from CPA but I have heard that as well so I think I’m good just need confirmation from a CPA

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  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    4y

    Yes, you will qualify for the sec 121 exclusion. 

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