11-04-2021, 02:56 PM
(11-04-2021, 10:00 AM)ChadR Wrote:(11-04-2021, 05:34 AM)NilesMike Wrote:(11-03-2021, 09:57 AM)ChadR Wrote:(11-02-2021, 07:32 PM)NilesMike Wrote:(11-02-2021, 01:58 PM)ken-do-nim Wrote: Wow, I didn't know that! Thanks for the advice!
You can regain your favorable tax position again if you wish. Have to live in it 3of the past 5 years or something like that, I might be a little foggy on that it's been awhile since I've looked into that.
This method will work a little bit. Problem with this method is that you have to take the gain you have and allocate it between primary residence years and rental years. So depending on how long it was a rental, you could make a big portion of the gain taxable.
Could you provide a citation for that because I have not found that to be the case.
https://www.irs.gov/taxtopics/tc701
Property (Basis, Sale of Home, etc.) 5 | Internal Revenue Service (irs.gov)
Understood, thanks.