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LawTalk, Attorney
Category: CA Real Estate
Satisfied Customers: 35321
Experience:  I have nearly three decades of legal experience, including Real Estate Law, and have held a Real Estate Broker's License.
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If you rented your home in 11/1/2011 and sold the property

Customer Question

if you rented your home in 11/1/2011 and sold the property by 6/2016 . You lived in the property for 20 years prior to the
rental date . do you qualify for the primary residence deduction of 250,000 for single person married but filing separately??
Submitted: 10 months ago.
Category: CA Real Estate
Expert:  LawTalk replied 10 months ago.

Good afternoon,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

In order to take the $250,000 exemption to capital gains taxes on the sale of the property, you must have owned the home for at least 2 of the last 5 years immediately preceding the sale of the property and you must have utilized the property as your primary residential address for at least 2 years while you actually owned the property.

If you owned the home but rented it pout for the last 5 years of ownership, then you will not be eligible for the exemption. I am sorry.

I understand that you may be disappointed by the Answer you received, as it was not particularly favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so.

If you have additional questions, you may of course reply back to me and I will be happy to continue to assist you further until your questions have been answered to your satisfaction.

Would you please take a moment to positively rate my service to you based on the understanding of the law I provided by clicking on the rating stars---three stars or more. It is that easy. That is the way I am compensated for having helped you.

Thank you in advance. I wish you the best in your future,


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