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Sale of Rental Property & Purchase of Primary Residence
As a government employee, my job required me to move to a different area of the country. I elected to convert my primary residence to rental property. I was transfered to different locations several times during my career as a government employee. At every location I rented apartments and did not purchase another residence. I am now about to retire and I would like to sell the original residence which I comverted to rental property. I want to buy a new home. Can I use the proceeds from the sale of the rental property to purchase the new home without paying the tax on capital gains?
I believe that you are in the clear for Federal Taxes, but not so sure about the state. Check your county law library or get a slick real estate lawyer to do it for you. The lawyer might have a few tricks that he “shouldn’t be telling you”.
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