Capital Gain on sale of Rental Property

Forum|Forum|1 year ago
May 22, 2024
1 reply
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I am over 74 years old trying to sell my rental property. I lived in that house for 10 years till 2019, but rented out for 4 years and it has been vacate for a year. Do I get a tax exemption of $500K?

Thanks

Moe

Ask the Experts - Biz Tax - May 2024

SusanC6

No, you will not be able to receive the capital gain home sale tax exclusion of $500,000.

There are several criteria that need to be met to qualify for the home sale exclusion.

You must have owned and used the home as your primary residence for at least two of the five years leading up to the date of the sale. You fail to meet this criteria as the last time you used the house as a personal residence was 2019.

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