Is my two year personal residence gain tax free?

[Jacob Casarez]

For most of this past year my brother and I have shared our 5 bedroom home with 3 roommates. Each spare room rents for just over $400/per month each. In about 6 months we will be looking to to complete our projects and sell our home. It's about tax time and I do intend to claim the rents on taxes. I need to know if our gain on the property would still be tax free after 2 years personal residence? I ask be cause I have been getting mixed answers. Please help, thanks!

[Steven Hamilton II]

Originally posted by @Jacob Casarez:

@Steven Hamilton II Two years. It has been our personal residence since day 1, for the entire two year period. Also the roommates are friends and family. They pay rent for their living expenses, nobody lives for free. Hope that helps, thanks!

 You will be able to exclude the gain up to 250k each on your owner occupied half of the property. And the other half will be subject to depreciation recapture and capital gains.