I have a 2 family home of which I have lived in for the past 30 years. I have had my son and his family living in the house for the past 3 years.
Not sure about the IRS rules about selling the 2 family which I've held for personal use the last 3 years. How are capital gains figured? I mean what is my liability as far as capital gains is concerned? Surely I can not escape paying capital gains? I am using the proceeds of the sale to purchase another 2 family which I will live in and rent out the other half.
Thank you,
Richard