My question involves real estate located in the State of: Hawaii
I have a house which I lived in for years 1 and 2 and used as my primary residence. During this 2 years, my home has been titled to me and my wife. If I decide to move out and make the house a rental for years 3, 4 and 5, and sell just before the end of year 5, do I meet the IRS requirements for capital gains tax exclusion? What if I place the property into an LLC for years 3-5 while it is rented for liability protection reasons? Does this implicate the capital gains tax exclusion?
Thank you in advance for your response,
I have a house which I lived in for years 1 and 2 and used as my primary residence. During this 2 years, my home has been titled to me and my wife. If I decide to move out and make the house a rental for years 3, 4 and 5, and sell just before the end of year 5, do I meet the IRS requirements for capital gains tax exclusion? What if I place the property into an LLC for years 3-5 while it is rented for liability protection reasons? Does this implicate the capital gains tax exclusion?
Thank you in advance for your response,
Personal Residence Capital Gain Tax Exclusion
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