US only - Moved out of house in US 3 years ago - is it

Name: VXXXXXXXXX
My question is: US-specific
QUESTION: We are selling a home we bought 15 years ago.  Just under three
years ago we purchased another home that we moved into.  We have rented our
first home just under 3 years.
There is a question of if it will be considered as a rental property or
personal property.  I was told that if we lived in it 2 years out of the
last 5 years it would be considered a personal property and not subject to
capital gains.
=============================
david ingram replies
If you lived in it for two years out of the last five and have not sold
another house and claimed it tax free within the two years before you sold
this one, it should be tax free.
Hope this helps
david ingram - [email protected] <mailto:[email protected]>
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - (604) 913-9123 www.centa.com <http://www.centa.com>
Cell is (604) 657-8451 (10 AM to 10 PM seven days a week)
US/Canada Real Estate Taxation Specialists
US / CANADA / MEXICO
Working Visa and Income Tax Specialists
Disclaimer:  This question has been answered without detailed information or
consultation and is to be regarded only as general comment.   Nothing in
this message is or should be construed as advice in any particular
circumstances. No contract exists between the reader and the author and any
and all non-contractual duties are expressly denied. All readers should
obtain formal advice from a competent and appropriately qualified legal
practitioner or tax specialist in connection with personal or business
affairs such as at www.centa.com <http://www.centa.com> . If you forward
this message, this disclaimer must be included."
Be ALERT,  the world needs more "lerts"
---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.505 / Virus Database: 302 - Release Date: 7/30/03

Trackback

Trackback URL for this entry: http://www.centa.com/trackback.php/UsCa2003August000176.html

No trackback comments for this entry.

0 comments