Selling Homes / capital gains Exemption My wife and I who file jointly are planning on selling our current rental property in March which we can exclude the capital gains tax since I lived there for approx. 2.5 of the last 5 years.
I was wondering if I then sold our current primary residence in May (selling two properties in one tax year) provided that I used that property for my primary residence for 2 of the last 5 years could I also exclude the gains from that sale in the same tax year provided it's below the $500k limit?
Can you exclude the capital gains from more then one property sale in the same tax year provided it is under the 500k joint limit?
Thanks,
Sean |