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by CareyBot

DEAR BOB: I lived in my property for more than 10 years and have rented it for two years. Now I plan to sell it. Will I owe the government any tax for the equity? – Luz C. DEAR LUZ: If your property is a single-family house, it sounds like you are eligible for the Internal Revenue Code 121 principal residence sale exemption up to $250,000 (up to $500,000 if you are married, filing jointly and your spouse also meets the occupancy test). Purchase Bob Bruss reports online. To qualify for the great IRC 121 exemption, you (or your spouse) must have owned and occupied your principal residence an "aggregate" two of the five years before its sale. Although you have rented the property to tenants for the last two years, you still appear to qualify. You need not occupy your former principal...