Advice Topics
- Buying (152)
- Selling (178)
- Renting (37)
- Market News & Trends (11)
- Finance & Legal Info (77)
- Tips & Advice (84)
- Working With an Agent (51)
- Marketing (4)
- Investing (13)
- Affordable Housing (13)
- Green Housing (2)
- Schools (1)
- Remodeling (29)
- International Real Estate (8)
- Terms & Definitions (23)
- Home Loans (10)
Top Contributors (View All)
Find a Top Real Estate Agent Near You
Reduce capital gains tax on 2nd home, convert into primary?
Referring to article written by Kelsey Heath, she says: a second home can be converted into primary residence and therefore, would qualify for a primary residence capital gains tax exclusion. To qualify for the exclusion, you must meet both the ownership and use tests. This means you must have owned the home and lived in it as your primary residence for at least two of the five years preceding the sale, but the two years do not need to be consecutive." I currently am in the process of selling my Huntington Beach Ca home. We have owned the home for 5 years now. I am a resident of Utah. In the past 5 years, we have spend between 45-50% of our time at this home here in Huntington Beach, which would mean in the past 5 years we have lived here more than 2 years. Would this not qualify for the reduction of capital gains tax along with the real estate withholding exemption?
Asked By Devon Obrien | Huntington Beach, FL | 63 views | Finance Legal Info | 1 month ago
Are you ready to find a top agent near you?
Browse profiles of the highest ranked agents in your area and find one that meets your specific needs.
Related Questions
-
If I sell my home, will my boyfriend receive part of the sale?
I wanted some clarification before deciding to put my home on the market. My boyfriend and I purchased a home together several years ago. We split up so he signed a quitclaim deed but is obviously still on the loan. If I want to sell my home that I have been making payments on myself for the last 8 years. Does he need to sign anything and would he be entitled to any of the sale money?
- Asked by Eileen K.
- 872 views
- Finance & Legal Info
- 3 years ago
-
Can the new owner of the rental property I live in kick me out?
The rental property that I'm living in now was sold to a new owner. The new owner wants to kick me out, remodel the unit, and re-rent the unit for a higher price. Is that legal?
- Asked by Mario Z.
- Los Angeles, CA
- 763 views
- Finance & Legal Info
- 3 years ago
