I currently own a property in Philadelphia. I moved to SC a little over a year ago. I rented the property in

Asked by Marcie, Philadelphia, PA Wed Feb 6, 2008

Philadelphia for the last year. I just sold this property and I'm making settlement on Feb 29. I lived there for about 7 yrs. prior to renting it. Will I have to pay capitol gain tax. Thank you

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Robert A. Ma…, , Northeast Philadelphia, Philadelphia, PA
Tue May 18, 2010
When selling your primary residence, you may be permitted to exclude up to $250k profit from the sale on your tax return. If married and filing a joint return, you may be able to exclude up to $500k. These exclusions are allowable only if you haven't excluded an earlier gain within the same two-year period ending on the sale date of your current home. You need to have lived in your home for a minimum of two years under the law, which you have.

Just so you know....Capital gains are calculated by the net selling price (sale price minus real estate commissions and closing costs) minus the adjusted basis (original cost plus capital improvements).
Hope this helped!

Robert A. Martini
Keller Williams Real Estate
Philadelphia PA
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