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Old 04-11-2017, 10:07 PM
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Capital Gains on 2 homes

I'm planing on selling 2 houses next year. The 1st house was bought in 2014 and I lived in it from 2014-2015(2 full years). 2nd house was bought 2016 and I plan on living in it until 2018(2 full years). I plan on selling both houses in 2018.
I know the rule that you don't have to pay capital gains, up to $500k for couple, on homes you lived in for 2 of 5 years but someone told me that because I'm selling both in same year or that because its the same 5 year span for both house, I might have to pay capital gains.
Can anyone help clear this up for me?



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Old 07-15-2017, 05:02 AM
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Hi,
You won't be able to claim both exclusion in the same year. You're only allowed one exclusion every two years. Think about selling the 2nd home in 2020. Hopefully this helped!



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Old 09-05-2017, 02:23 AM
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Yep, only sell 1 now and the next in a few years.



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