Military / Rental / Taxes
BP,
I currently own a rental in birmingham. It is currently renting at almost 2x the mortgage, so there is a strong consideration to keep it. I am also aware of doing a 1031 at some point.
My biggest question is taxes if I were to sell. I am military, and from what I’ve read there is an exclusion of capital gains taxes out to 15 yrs vs the normal 5 for military members.
However, I only lived at the property for 18 months, not the 2 years required. It looks like I “may” still qualify for a partial exemption based on those 18 months.
If anyone could clarify this partial exemption and or point me in the direction of a real estate tax pro, I would greatly appreciate it. Thank you for your time.