Question

Selling two houses in one year

Forum|Forum|6 years ago
June 20, 2019
1 reply
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I sold my investment property earlier this year and have not lived there within the past 5 years, I am debating selling my primary home now. How will this affect me if I do? Can i still have the exception for primary?
Will the added gain (income) make them tax me more or is the set 15% for income under 250k?
Am also looking for ways to pay less tax on the investment property gain. Have reinvested 1/4 of investment profits for another home in an opportunity zone and also put money for repairs. Any other ideas?

Carl11_2

Employee

When you sell your primary residence, if you lived in it as your primary residence for at least 2 of the last 5 years you owned it, *AND* you did not take the capital gains exclusion within the previous 2 years, you qualify for the exclusion. The lookback period starts on the date of the closing of your sale.