A word to those reading this post. The time to talk with a CPA is BEFORE you act.
Pat, you need to talk with a CPA follow his advice. We do NOT know your financial situation, there are many variables.
This got tricky when you rented it. If you have equity maybe buy a rental in Vegas.....I hear there are great deals. BUt there are a number of issues here so get some Good Tax Advice. Terrie Boyd of Fidelity Title at 503-690-3327 can give you a copy of the new laws and the New Oregon Tax.
Best wishes Pat!
#1 rated Re\Max Team in Oregon
Barry's post is great advice; it sounds like you're dealing with a primary residence that has been converted to an income property and there are two states involved - one with state income tax and one without state income tax.
I lived in Las Vegas for over 20 years and I highly recommend Glenn Goodnough. He's a CPA with Stewart, Archibald & Barney out on W. Charleston. 702-579-7000 He should be able to help you out or point you in the right direction. Tell him I said hi.
Best of luck!
There is no one time capital gain exemption anymore. You might look up Steve Amundson, a Realtor in Las Vegas, tell him I sent you to him and he could help you with info about tax advisor in that area. Steve's with ReMax, his number is 702-234-9919 Good Luck.
John L Scott PTL