Second House- Capital Gains My husband and I are considering purchasing a house while keeping our current condo to rent it out. Our concern with doing this is having to pay capital gains taxes when we sell our condo since we would then own two residences.
We?ve done a little bit of research, but want to make sure we?re understanding it correctly. Is it correct that since we?ve lived in the condo for over two years, if we sell it within the next five years, we?d be exempt from capital gains taxes but if we go beyond the 5 years, we?d have to pay them on the profit when we sell? |