Lived in primary residence in CA 2 years, rented out for 1 year. Will I have to pay capital gains???
We had lived in our condo in CA for 2 years and then rented it out while we rented a house to live in. Since this property was an investment as a rental will we have to pay capital gains on it or can we sell and put the money without paying gains and use as down payment to buy a house of our own? Please only those who are CA tax and real estate savvy advise or if you can recommend someone for me to contact I would greatly appreciate. We just want to know if we can sell and use for down payment for a primary resident without getting half the profit taken away.