All Forum Posts by: Chance Calhoun

Thank you! 

Hello!

My wife and I own a home in Woodinville, WA and next year will be our second year owning the home. We plan to sell and use the $500k exception to the capital gains taxes because we lived there for two years. 

Our house has a main part of the house and a MIL apartment in the basement. We have lived in the MIL and rented the rest of the home. We sort of house hacked this property. 

My question is, does the fact that we rented the home exclude us from being eligible on not paying taxes on the first $500k proceeds from selling after two years?

We thank everyone in advance for their help!

let me know if I can be of help in any way!

Thank you!

Welcome Josh! Congrats on your first contract!I am a local wholesaler and I also find BP to be a tremendous resource! I love how active the forum is. I look forward too hearing about the progress you make with the house.

Best of luck!

Chancy

Welcome Eric! I am a local wholesaler and I have to say that BP has been an extremely valuable resource for me. Hope to see you around.