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The $250,000/$500,000 Home Sale Tax Exclusion
Hello my BP mates!!
Just have a little question about sale tax exclusion. I purchased a townhouse back in 2008 and lived there until December 2014 when I rented the property and moved to a different one. I'm thinking on sale the property and I wonder if I still qualify for the exclusion. Hope one of my investors colleague with more experience can give a hand on this. Thanks!
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
As long as you sell it within 3 years of moving out...."must have occupied for at least 2 of the last 5 years". You will have some depreciation recapture though for the period it was a rental.