Name: VXXXXXXXXX
My question is: US-specific
QUESTION: We are selling a home we bought 15 years ago. Just under three
years ago we purchased another home that we moved into. We have rented our
first home just under 3 years.
There is a question of if it will be considered as a rental property or
personal property. I was told that if we lived in it 2 years out of the
last 5 years it would be considered a personal property and not subject to
capital gains.
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david ingram replies
If you lived in it for two years out of the last five and have not sold
another house and claimed it tax free within the two years before you sold
this one, it should be tax free.
Hope this helps
david ingram - [email protected] <mailto:[email protected]>
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - (604) 913-9123 www.centa.com <http://www.centa.com>
Cell is (604) 657-8451 (10 AM to 10 PM seven days a week)
US/Canada Real Estate Taxation Specialists
US / CANADA / MEXICO
Working Visa and Income Tax Specialists
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