Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago,
Capital Gains exclusion on 2nd condo sale
Facts:
1. Condo 1, titled in my name, bought in September 2013. Been living in this condo since (almost 6 years).
2. Condo 2, titled in wife's name, bought in September 2015 and sold in May 2019. Wife lived in the condo from September 2015 through October 2017. Condo was rented out from January 2018 to March 2019.
3. Wife and I got married in October 2017.
When we file our joint tax return (tax year 2019) in Q1 2020, we will not be paying capital gains taxes on the sale of condo 2 due to the 2 out of 5 year rule.
Question:
I am considering selling condo 1. Is there any way I can sell it this year or next without paying capital gain taxes or do I have to wait until at least May 2021?
Any guidance is much appreciated.
Thanks.