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Capital Gains Exemption
In 2018 we purchased a primary residence. Approximately 1 year later we had to move for my new job (50+ miles). At that time we decided to rent the property and transferred the property into a LLC. We have been renting the home since 2019, but now we have decided to sell the property. With the amount of time that has passed since I was forced to move for my job, would I be eligible for any tax exemptions under the Primaty Residence Exclusion (Topic 701). Any guidance is greatly appreciated.
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#1 Tax, SDIRAs & Cost Segregation Contributor
- Tax Accountant / Enrolled Agent
- Houston, TX
Because you have been renting it since 2019, nothing else from your story matters. You don't get any exclusion, sorry.