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Updated 12 months ago,
Capital gains on property sold as LLC but also used for personal use?
Hi there,
I have a property that's in an LLC and has been used as both a longterm rental as well as a primary residence (this includes 2 years total within the past 5). If I choose to sell it in it's current LLC status, am I still able to be exempt from capital gains up to $250k (I'm a single person and it's also a single member LLC)?
I also have depreciated the property during the period of time it's been rented. Will there be depreciation recapture even if it's been a primary residence for 2 of the past 5 years and the profit from sale is less than $250k?
Thanks!