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Money and Finances
Reply to "Minimizing capital gains tax"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]No, only way to minimize is to move back in for two years. If he's married he can exempt $500k which is only $100k of tax. If single, $250K so $50k of tax. [/quote] That's not completely true. There is a concept called "qualified use" and "unqualified use" and the time(s) the home was rented out is considered unqualified use. You have to prorate your gain between qualified and unqualified. This won't be a completely tax-free sale, even if the gain is less than $250K/$500K. [/quote] +1 it used to be that way like 20 years also, move back for 2 years, not anymore[/quote]
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