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Updated over 6 years ago on . Most recent reply

BJ Butler's profile image
BJ Butler's profile image
BJ Butler
  • Investor
  • from Virginia Beach, Virginia
  • Member since Apr 17, 2016
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User Stats

22
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BJ Butler's profile image
BJ Butler's profile image
BJ Butler
  • Investor
  • from Virginia Beach, Virginia
  • Member since Apr 17, 2016
Connect
BJ Butler
  • Investor
  • Virginia Beach, VA
6
Votes |
22
Posts
Tax, SDIRAs & Cost Segregation

Capital Gain Taxes Discussion

BJ Butler
  • Investor
  • Virginia Beach, VA
Posted

My co-worker is a tax preparer during the tax season. I mentioned to him I am selling my rental & since it's been slightly less than 2yrs since I lived in it, I won't have to pay capital gains taxes. I moved out Sept 30th, 2016. He stated that I will have to pay because it's not my primary residence anymore. My understading of the law is if I lived in the property in the last 2 of 5yrs, then I qualify. Who is correct?

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