Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago,

User Stats

1
Posts
0
Votes

2 out of 5 year rental capital gains question

Posted

Here is the situation I am in and I am trying to find out how to avoid capital gains, if possible. 

My wife and I purchase a home as our primary residence in November 2009. It was our primary residence up until May 31st, 2015. On June 1st, 2015 we rented it out and the lease expires on May 31st, 2018 or exactly three years.

We have an agreement of sale in place and scheduled closing on June 1st, 2018. 

Here is the question. With that time frame, am I missing the cutoff for the 2 of 5 rule exemption by one day by closing on June 1st, 2018 instead of May 31st, 2018? Or am I ok closing on June 1st?

I cant find a ruling on this anywhere. Any help you could provide would be very valuable and extremely appreciated.

Thanks in advance.

Loading replies...