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Capital Gain Taxes Discussion
My co-worker is a tax preparer during the tax season. I mentioned to him I am selling my rental & since it's been slightly less than 2yrs since I lived in it, I won't have to pay capital gains taxes. I moved out Sept 30th, 2016. He stated that I will have to pay because it's not my primary residence anymore. My understading of the law is if I lived in the property in the last 2 of 5yrs, then I qualify. Who is correct?