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Zhicheng Lai
Zhicheng Lai, Enrolled Agent(EA)
Category: Tax
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Experience:  5 years tax preparing experience
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I am over 72 years old. Do have I to pay capital Gain taxes ...

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I am over 72 years old. Do have I to pay capital Gain taxes on a properety that I own but dont live in it.
Submitted: 9 years ago.
Category: Tax
Expert:  Zhicheng Lai replied 9 years ago.
Yes, you do need to pay capital gain tax on the property you don't live. Maybe you can convert the property into primary residence, live for 2 years,then sell it to exclude $250k capital gain for single, $500k for Married filing jointly. You can exclude the gain once every two years.
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