Tax implications Selling 4plex in LLC
Scenario: Purchased 4plex under personal name in 2016 and owner occupied for 2 years. After 2 years, we moved out and Quitclaim Deeded the 4plex into our LLC in 2019. Now we are thinking of selling 4plex this year 2020 or 2021 which is less than 5 year mark.
**Would we be hit with any capital gains or will we be able to claim owner occupy for at least 2 out 5 year time frame to not have to pay any capital gains taxes?**