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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: 10 years ago.
Category: Tax
Expert:  Zhicheng Lai replied 10 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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