Updated almost 2 years ago on . Most recent reply
Selling My Fourplex That I Lived In (Taxes)
So I lived in my fourplex for five years, moving between three of the units over that time, fixing them up as I went.
I purchased the property using an FHA loan, where I have to "intend" to live in the property for a year, which I obviously did. And with the "two out of the last five" rule, I assumed I wouldn't have to pay capital gains on 250k.
Am I mistaken? Will I have to pay taxes on 75% of the gains? Does it matter that I lived in at two of the units for at least two years?