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General Property Management
Capital Gains on Rental property that was residence
r
rose w
started a topic
almost 7 years ago
I bought my condo in 1997. In 2013 I acquired another property which I moved into July 2013. I rented my condo out in July of 2013. I am thinking about selling condo this year 2016. What are the capital gains implications. I am confused about (if you have lived in it 2 of the past five years it qualifies as personal residence. Would this mean I would have to sell before or in July of 2016. It even states if you have lived in it 2 of the prior past 5 yrs. I guess the bottom line is will I have to pay capital gains on profit? Would it be on the full amount of profit?.
1 Comment
E
Erin D
said
almost 7 years ago
It would be best to contact your CPA.
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