I have a primary residence that I have occupied fo rthe past two years. I am actively lookin for the next project and will likely leave my primary and either rent it or sell it. My question is: Which makes more sense financially, assuming I could sell for the same amount? Can you still keep up to $250k from capital gains, if the property has been rented?
You can sell it any time in the next three years and use the capital gains exclusion…the key is that you have to have lived it in two out of the last five years…
That’s what I needed. Thanks for the info. I will probably do a lease option for the next 12 months. Which leads to another question. Is there an advantage to providing seller financing? Thinking, if I do a lease-option, I could do seller financing, but I am not sure of the advantage.