Just trying to get clarification
Looking at a prospective property from another investor. I always ask the question what’s motivating you to sell?
Seller’s agent response was the owner has hit the 2 year mark & is now ready to sell to avoid paying capital gains. This is a rental & not the owners primary residence
Correct me if I’m wrong but I thought the avoidance of capital gains tax after 2 year Mark only applies to your primary residence or you must have lived in the residence 2 years?
All rentals or secondary homes that the owner does not occupy has to pay capital gains tax. Short term if asset is held 1 yr or less & long term if asset held over 1 year.
Can someone validate this or correct me?
Thanks
Looking at a prospective property from another investor. I always ask the question what’s motivating you to sell?
Seller’s agent response was the owner has hit the 2 year mark & is now ready to sell to avoid paying capital gains. This is a rental & not the owners primary residence
Correct me if I’m wrong but I thought the avoidance of capital gains tax after 2 year Mark only applies to your primary residence or you must have lived in the residence 2 years?
All rentals or secondary homes that the owner does not occupy has to pay capital gains tax. Short term if asset is held 1 yr or less & long term if asset held over 1 year.
Can someone validate this or correct me?
Thanks
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