I had to relocate due to work and have a house in another state. I understand the 5/2 when it comes to capital gains but my question is.....If I sell the house for less than I paid do I still have to pay cap gains?
Typically, capital gains implies that there was, in fact, a gain (or profit). Every tax situation is unique, your best resource for the answers to how your tax filing will be affected by the sale of your home is your tax advisor. Thank you for posting!