unusual situation: not sure if I own capital gain taxes?
If the property sat vacant for most of 5 years do I owe capital gain taxes or not?
Here is requirement on intuit site in order not to owe capital gain taxes
- You owned the home for a total of at least two years in the five-year period before the sale.
- You used the home as your primary residence for a total of at least two years in that same five-year period.
- You haven't excluded the gain from another home sale in the two-year period before the sale.