I’ve owned a property for 2 years exactly. I’ve lived in it for just over 12 months and have rented it out for 12 months so far.
I want to understand if I would pay taxes if my gain was under $250,000. If so, how much? Is it 30% of the gain? I’m confused because everything I’ve been reading talks about 2/5 years rule but what I’ve only had the property for 2 years total. Thank you.