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How long do you have to live in a house before you call rent it out? With out capital gains being taxed?
28Mar2008 Filed under: CorporationsQuestion:
How long do you have to live in a house before you call rent it out? With out capital gains being taxed?
Answer:
Your question came up on my screen just a little funny.
The general rule is that you must have lived in the house for 2 of the last 5 years, back from the date of sale.
Then you get to exclude the capital gain up to $250,000 or up to $500,000 if you are married!
For good incentive to marry if you are not already!!!
I hope this helps. Good Luck.
Resource related business question and answer:
Should You Rent Out Your Home or Sell It? at SmartMoney.com
... long-term capital gains are now taxed at a maximum rate of 15%.) "Once you ... house and live there for two years before you sell, you'll requalify for the exemption. The Tax Issues When You Rent OutRegister for FREE
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