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Updated over 1 year ago, 09/12/2023
Primary property exception rule on 2 houses?
We bought our primary residence in 2018, lived there till Mid Dec 2020 and then converted that to Airbnb. We moved to a new state in mid Dec 2020 and bought our primary house there which we sold in January of this year for a 100k profit. I believe we don't have to pay for taxes on the house we bought in Dec 2020 as we lived there for little over two years.
IF we sell off the Airbnb property this month which we lived in since Sep 2018 to Dec 2020, would we have to pay taxes on the capital gain? We expect a gain of 120k
Basically, we had and lived in two primary house in the last 5 years for the minimum of two years each. Total gains from the two houses will be around 220k but we don't know what the laws are around how many primary houses can we have within the last two years to avoid the long term gain taxes.
Thank you
IF we sell off the Airbnb property this month which we lived in since Sep 2018 to Dec 2020, would we have to pay taxes on the capital gain? We expect a gain of 120k
Basically, we had and lived in two primary house in the last 5 years for the minimum of two years each. Total gains from the two houses will be around 220k but we don't know what the laws are around how many primary houses can we have within the last two years to avoid the long term gain taxes.
Thank you