Liable for Capital Gains?

[Katie King]

Hi! 

Looking for recommendations with a savvy real real estate tax professional for the following scenario: 

My husband and I bought property in 2019, lived in it on our RV while building starting in summer 2020, finished building in summer 2022 and are thinking of selling this summer to relocate closer to family and a business opportunity. 

Would we be subject to capital gains in this scenario as the property was our primary residence for 2+ years? We do have utility records and this was the address we used for tax filings for the last several years. 

The area we live in outside of Seattle (Bainbridge Island) has seen an explosion of appreciation these last few years so our gains are likely upwards of 500k.

& In the scenario we don't quality for an exemption, we'd also like to figure out how much we would be liable for if we did choose to sell this year. 

Thanks!

-Katie

[Sherief Elbassuoni]

@Katie King, your tax advisor or CPA will ask you some questions like if you lived in the property 2 out of last 5 years, and if you have utility proofs. It is good that you are keeping all these records