atkinson40
New Member
- Jurisdiction
- California
I bought and occupied a property in August of 1989. I lived there as my principle residence for 9 years from 1989 to 1997.
I rented the property for 22 years from 1997 to 2019. I have remodeled the property and would like to sell it.
I would like to move back into the property for 2 years to take advantage of at least partial $500000 capital tax gain exclusion for my wife and myself.
Am I interpreting the law correctly in that at the end of 2 years occupancy, I will only be able to take advantage of 11/33 of $500000 or $166666 as a capital gain exclusion due to "nonqualified use"?
Thanks Kevin
I rented the property for 22 years from 1997 to 2019. I have remodeled the property and would like to sell it.
I would like to move back into the property for 2 years to take advantage of at least partial $500000 capital tax gain exclusion for my wife and myself.
Am I interpreting the law correctly in that at the end of 2 years occupancy, I will only be able to take advantage of 11/33 of $500000 or $166666 as a capital gain exclusion due to "nonqualified use"?
Thanks Kevin