Updated over 7 years ago on . Most recent reply
Capital gains and rentals
I'm asking this for a friend. They own a home and lived in it for two years and one month. They have moved and have been renting out the home now for the past three years. They are considering selling the home and when they started researching capital gains, realized that they would indeed paying them as the home has been a rental longer than it was a primary residence. She was initially under the impression that as long as the home was a primary residence for at least two years before becoming a rental this would not be the case. Apparently the laws on this changed in 2009? Does anyone know about this or have advice to offer?