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Updated over 7 years ago,
How can I keep my property but take advantage of gains exclusion
I purchased a 4-unit property eight years ago that has over doubled in value. I joined the military so I have up to 10 (vice the normal 5) years to sell and have capital gains excluded since I lived in the property for 2 years. I am wondering if there is any way to sell the property to myself (to some sort of business entity like an LLC) so that I can "cash out" my equity tax-free (before that 10 year mark) and then have a new property basis in whatever entity that owns the home. I could just straight up sell the property but it has been such a great investment that I don't really want to get rid of it. Thoughts or experience? Thanks!