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Dear Tax Talk, I bought a property in 2009 at $235,000 and made improvements worth $50,000. It was our primary residence from July 2009 until April 2015. As of May 2015, it became a rental property. Now we are thinking of putting the rental property on the market for about $450,000 and hoping it will sell in the next 5-6 months. I know I am looking at capital gains on the profit ($165,000). But based on IRS documentation, since it was our primary residence for at least 2 years in the last 5 years from the date of selling, I qualify for excluding this capital gain (i.e., I am not expected to pay any capital gains).