We have just purchased a new home that will hopefully be transferred into our name on/by Sept 1 2013.
We own our current home and plan to put it on the market after we move in to the new place, ie. after Sept 1.
I imagine it may take a couple of months to sell (we're not in a rush, we'd rather get a good price).
My question to anyone that may know is when does your old house become a 'secondary residence'? and hence lose its capital gains exemption status.
Is the few months that we own both and actually live in the new house enough to cause us to have to pay full capital gains on the sale the old house? (we've owned the old house for 7.5 years).
Any opinion would be greatly appreciated, thanks.