Originally Posted by ktbass
Thank you for the information Wnhough. It's been difficult locating information for my specific situation.
I am single and both places that I sold were my primary residence for 2 out of the past 5 years. I lived in the house as my primary, then moved into condo which was my primary.
I've always done my own taxes, but I supposed I should hire a tax expert this year with my unusual situation.
as mentioned previously yopu simulataneously can not claim 2 primary homes but you must choose only oneo f the two homes as your primary home.A primary residence is defined as where you spend the majority of 365 days each year. Therefore, you cannot have two primary residences at the same time
also aslongas your ordinary tax rate is either 10~15 % then your long term capital gain tax rate is 0% if your ordinary tax rate is between 25~35%, then your long term capital giantax rate'd be 15%.
you need to contact an Enrolled Agent or a CPA doing taxes in your local area for professional help.