Primary Residence and Taxes on Capital Gains

[Debora Monteiro]

Ok, so as a first time potential seller and novice investor-I just learned that if my I lived in my home for 2 of past 5 years I may not have to pay capital gains when I sell. I bought my two family back in 2008. It has appreciated about 100k-130k. Paying taxes on this would be a significant chunk and if I can avoid it I'm going to try to do so. Now, I moved out of this property in Sept of 2014 it is now Sept of 2018 so if I moved back now I technically would be living there 2 out of the past 5 years if I sell in 2019.  I'm not entirely sure if this is accurate information and want to be well-informed before moving back as I don't want to but will if it means I'll save $30-40k. Can anyone shed some light on this? Thank you in advance :)