Updated over 9 years ago on .
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Taxes on Property
Can someone familiar with Real Estate Taxes give me some guidance?
As a property owner I don't have to pay taxes on 250K (500K for married couple) on profit from selling Real Estate if it was my primary residence for 2 out of last 5 years prior to selling.
What if I sell 2 properties w/in the same 5 year period?
Ex: Property 1 lived in for 2 years, rented it out for 2.5 years than sold
Property 2 bought when Property 1 rented out, fixed it up while I lived in it for 2 years than sold for a profit.
Will I have to pay taxes on the profit on one of the properties or only if I exceed the maximum allowed 250k(500K) on both, will have to pay?
Is there a time limit to pass before I can sell Property 2?
Thank you in advance for any and all information!