Is this because it’s not my primary residence?

also - for some clarification on my current rentals - the first we purchased as a second home (we rent as our primary residence in CA and wanted a place closer to family for when we visited) and turned it into a rental after we owned it for a year.

$200k a year or over $1m net worth excluding primary residence?

Is it pro-rated for the time I resided in the home? 

I know Nashville has been a hot bed for Air Bnb controversy recently, but I think as long as it's your primary residence it can still work and be legal?  

We are interested in putting the AZ rental into an LLC so that my son can manage it (for residency).

Hi Darren,Diane and Michael are correct; under Section 121 of the Internal Revenue Code you (as a single individual) can exclude $250,000 of capital gains from your taxes if you have owned and resided in the house as your personal residence for 2 out of the 5 years prior to the date of sale. 

More details, I make about $39,000/yr with $5k saved and I’m going to be renting at my current residence for about 18 months.

My Name is Jason Kunst I live in Northwest Indiana, and I’m looking to start house hacking.I am currently renting with my brother and will be at my current residence for another 18months because we are supporting my mom. 

I found a condo that I plan on making my primary residence, but after talking to the owner he has two other condos he wants to sell too.