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Updated almost 7 years ago,
Personal residence exemptions- time frames
Hi all,
I have a rental that used to be our primary residence. We moved out 3yr 2 months ago. So we have missed the 2 of the last five part of the rule. Is there a sliding scale for capital gains taxes for the next two years until the 5 years is gone? We would like to limit our taxes paid. Our property is in California if that helps.
If there is no way around it we might look into a 1031 exchange.
Thanks in advance! Everyone here is awesome!