I currently own an investment property in Florida and I am looking to sell it. I bought it in 5/2004. I currently rent an apartment in San Francisco and so the only property that I own is that one in Florida.
I’m aware of a capital gains tax that you must pay any time you sell an investment property. What I’d like to do is avoid paying this tax if possible. I’ve heard that because it is my only property, it does not qualify as an investment property and so I wouldn’t have to pay this capital gains tax.
Is this true?