Capital Gains-- To sell or not to sell?

[Mariana Rojas]

I lived in my house from 2011 to 2013, then I relocated due to work and rented the property out. I was not familiar with the rental process so I did not file anything related to rents until 2016. Am I required to pay capital gains taxes? If I do, I will have to reconsider selling. I owe 40k and I can sell it for 130-140k. Any feedback would be greatly appreciated.

[Steve C.]

Look up the tax relief act of 1997, one of the cooler things Bill Clinton did for us, if you were living there as your primary residence for a full two years, I believe you're entitled to skip the capital gains tax up to $250,000/ person. Don't quote me on the specifics, but look up the act it's self & follow along. Good luck!