 Quote:
|
Originally Posted by DW
Hmm. Let me make sure I have this straight.
We've lived in our primary residence many years. By the time it sells, my guess is that it will have have appreciated $300-400k. We should be able to exclude all of the capital gains taxes on it.
If we live in our country house for two full years out of the previous five (i.e., we sell the city house and live in the country house for two years), then we can exclude up to $500k on it also.
Do I have this right?
Issues of depreciation of rental property don't exist. This place has never been rented out. I've been a landlord before. Once was enough!
|
Yes, you have this right.
__________________
.
Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.
|