W
WebBoard
Guest
From: Mike .
Capital Gains
From: julie
Date: 8/17/00
Time: 7:08:04 PM
Hi, If you own a home for two years and then move and rent the home, can you nominate it as your principal place of residence, (even though you no longer live there) and not pay capital gains on upon the subsequent sale of the property.
I have been receiving conflicting information:
At first, I was told you can nominate whichever home you like as your primary place of residence whether you live there or not, and hence not be subject to capital gains.
Alternately, I have been told that as long as you previously lives there, you have up to 6 years that you are not subject to capital gains.
Lastly, it has been suggested to me that there is some complex formula that works out a % of the time you lived/did not live there.
My accountant can't seem to tell me anything definitive.
Can you please respond? Thank you
Capital Gains
From: julie
Date: 8/17/00
Time: 7:08:04 PM
Hi, If you own a home for two years and then move and rent the home, can you nominate it as your principal place of residence, (even though you no longer live there) and not pay capital gains on upon the subsequent sale of the property.
I have been receiving conflicting information:
At first, I was told you can nominate whichever home you like as your primary place of residence whether you live there or not, and hence not be subject to capital gains.
Alternately, I have been told that as long as you previously lives there, you have up to 6 years that you are not subject to capital gains.
Lastly, it has been suggested to me that there is some complex formula that works out a % of the time you lived/did not live there.
My accountant can't seem to tell me anything definitive.
Can you please respond? Thank you
Last edited by a moderator: