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Financial Planning / Tax Strategies


Subject:  Re: cap gains on house sale Date:  6/13/2014  1:33 AM
Author:  aj485 Number:  120999 of 123001

Yes it has been rented for the past 5 years and depreciated etc for tax purposes; though we have lived in it for the previous 25 years! If we had known about the 2 out of 5 years required for a primary house we'd have moved back!

It's unfortunate that you didn't investigate the tax consequences of the selling your home before you actually did so. The 2 out of 5 year rule has been around since 1997 - so, for most of the time you actually owned the home.

I will have all updated records as improvements to the property have been extensiv