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Updated almost 3 years ago,
Question about capital gains
Hi Hive,
I'm looking to understand and educate myself more about how capital gains work. I have a property that I bought almost 5 years ago and I lived in it for 2years but in order to avoid the capital gains I feel I have to sell before my 5 year mark is up. Is there a way I can hold on to the property and claim the 2 year exclusion from capital gains? or must I be forced to sell after the 5 years to avoid the capital gains? I think I saw somewhere you could file every 2 years after and be fine but I don't know enough about it, any tax professionals or seasoned real estate investors have ideas I'd really appreciate the education and knowledge on this as a novice. Thanks in advance for the help.