Las Vegas Real Estate Blog

So You Think You Know Capital Gains? 10 Facts You May Not Know
Posted by Nikole Malaxechevarria Morcom on Monday, May 20, 2019 at 7:32 PM By Nikole Malaxechevarria Morcom / May 20, 2019 Comment

Capital Gains may not be as clear-cut as you think.  If you're planning on selling your home, or are just interested in gaining knowledge on the subject, check out these 10 facts about Capital Gains.

1.  The exclusion only applies to your primary residence

Your primary residence is the one you live in most of the time. If you own and live in more than one property, you can nominate any one of them as your primary residence.  However, you can’t be disingenuous to get the tax concession.  The IRS applies certain tests to make sure the home you nominate is your primary residence. Where you work, where other family members spend a major part of their time and where you vote all play a part in determining your primary residence.

2.  To claim the exemption, you must live in the home for at least 2 years before selling

The 24 months do not have to run concurrently. So, you could live in the property for 18 months, move...