Primary Residence/ Capital Gain

[Phuong Dinh]

Hi,

I recently bought a Duplex as a primary residence, I plan to live on one side and rent out the other side.

Now I have another plan that i want to sell the Duplex. Since the duplex was under a primary residence loan, do i have to pay Capital Gain when i sell it?

Any advise would be appreciated.

Thanks

[Edward B.]

@Phuong Dinh, you have to live in a property for 2 of the last 5 years for it to qualify for the capital gains exemption. Additionally, if you are claiming income and depreciation on the property that may impact the exemption as well. You need the opinion of a CPA on that second part.