Capitol Gains On Rent To Own
The home that I live in has been my primary residence for three years. The deed belongs to my father and he is planning to transfer the deed to me. Can I move out and still sell it in two years without paying capitol gains? Do the two years of primary residency and ownership have to coincide?
If you move out after you have the deed in your name, then sell after you have been on title for two years, you will have met the requirements for the capital gains exclusion on your capital gains.
The two years of ownership and the two years of occupancy do not have to be concurrent, but both conditions must be satisfied during the five years prior to the sale.