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All Forum Posts by: Monica A.

Monica A. has started 1 posts and replied 1 times.

Current rental property Tenants moved in October 1 2022. Before that it was primary residence since January 2019.

Do I need to sell it this October to avoid capital gains tax to qualify for 2 of last 5 years exemption for capital gains (up to 250K single, 500K married filing jointly)?

Is it 5 years from the date of sale? 5 years from when you list it for sale on the market? Because if you just count the years 2020, 2021, 2022 it was my primary residence but 2022 only up until October 2022. So can I sell it next October 2025 and still qualify?

Not interested in 1031 as I want to use this money to pay off debt and spend more time with family.