What is the name of your state? MO
I'm not sure if this is more appropriate in the Tax forum or Real Estate forum, so I apologize if members thin this is off-topic.
I have lived in a residence for 4 years. The entire area around the house is being commercially developed. My house is zoned commercial, but is grandfathered in as a residence.
Depending on the development that goes in, I may not want to stay in the house (noise, traffic, etc). If I should lease it as commercial property (office, etc.) for a couple of years and then sell it, would I still be able to avoid up to $500,000 (couple - 250k per person) in capital gains tax since it was still my primary residence for 2 of the previous 5 years? Or does the commercial designation kill that opportunity?
Thanks for any advice or direction you can provide.
I'm not sure if this is more appropriate in the Tax forum or Real Estate forum, so I apologize if members thin this is off-topic.
I have lived in a residence for 4 years. The entire area around the house is being commercially developed. My house is zoned commercial, but is grandfathered in as a residence.
Depending on the development that goes in, I may not want to stay in the house (noise, traffic, etc). If I should lease it as commercial property (office, etc.) for a couple of years and then sell it, would I still be able to avoid up to $500,000 (couple - 250k per person) in capital gains tax since it was still my primary residence for 2 of the previous 5 years? Or does the commercial designation kill that opportunity?
Thanks for any advice or direction you can provide.