re: Investment property tax question.

quote:

---

Was the condo your personal residence for at least 2 of the 5 years? If so, you won’t be taxed on any gain up to $250k individual or $500k married.

---

Just to piggyback on this thread. I am renting out my former primary residence currently and Q4 next year will make 3 years. If I sell before then, I know I wouldn’t owe capital gains, but what about the depreciation I have claimed? How does that factor in?

Also, question for the seasoned investors. I have a 2.75% rate on this property that I would hate to give up, and the property cash flows very nicely, but wouldn’t it still make sense to take advantage of this one time opportunity I have to sell before 3 years to avoid capital gains?

I owe $120k and have about $130k in equity ($65k of this is appreciation).