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Updated almost 4 years ago,
IRS Section 121 - Military/FS/Intel Exclusion
Hi. Having a hard time figuring out if this applies to me. Any info is appreciated.
My scenario:
2003-2007: FS member; purchase and live in house
2007-2009: FS member assigned overseas - rent house
2009-2021: Non-qualifying USG service - house still rental
Do I qualify for any capital gain exclusion if I sell the property now (2021)? The section describes a 10 year window - but I don’t understand what needs to take place during that time. Since last FS employment was 12 years ago, am I out of luck or could I get partial credit if it stops being an investment property?
Thanks.