Selling two properties this year, both qualify for the 2 in 5 year capital gains exemption, but I know I can only use the exemption on one property. My question is, can I choose which property to exempt and which property to pay capital gains?
I’m worried there’s some detail I’m missing like having to use the capital gains exemption on my most recent residence.
Some more details…
Property A I lived in from 2015 to Feb 2022. I then rented it from May 2022 to April 2024. This is the home I want to use the 2 in 5 year capital gains exemption for since the gains are much higher (still under 250k though).
Property B I lived in from March 2022 to April 2024. I am willing to pay capital gains on this property.
