Capital Gain Tax Exemption

[Phuong Uyen N.]

Hello BP, 

Please give me your advice on this:

I have purchased a property under my LLC. The property is located out of the state from my Residence-Address (Address on Driver License). I have primary been living in this property for the last two years while flipping other houses in the area. Will this property be eligible for capital gain tax exemption when I sell it? I have never claim for capital gain tax exemption in the past.

Thanks all!

[Bob Norton]

Not if it's owned by your LLC.