Rental Property Investor · Grand Rapids, MI · Member since 2019 · 22 posts · 19 votes
My family and I are going to be moving for work but we intend to keep our current home for a while despite moving to a new home. How soon would I need to sell my current home to qualify for the capital gains tax exemption because we’ve lived in the house longer than 2 years?
The sec121 exclusion requires that you lived in the home for 2 years of the past 5 years. So, you have three years after moving out to close. After that, it prorates.