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LawTalk, Attorney
Category: CA Real Estate
Satisfied Customers: 37639
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: 1 year ago.
Category: CA Real Estate
Expert:  LawTalk replied 1 year 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.

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