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Tax Exclusion on Sale of Primary Residence
I lived in my primary residence for 1yr and 9months since I owned it (I was a tenant in the same house for 2yrs prior to owning it) then I turned it into a rental. If I sell it within 5yrs from owning it, would I be able to exclude the tax on the gains up to $250,000
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Steve Vaughan
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Quote from @Adeva Edobor:
I lived in my primary residence for 1yr and 9months since I owned it (I was a tenant in the same house for 2yrs prior to owning it) then I turned it into a rental. If I sell it within 5yrs from owning it, would I be able to exclude the tax on the gains up to $250,000
But if the move-out was unexpected and satisfies certain criteria, there may be an exception that allows you to prorate 21/24ths of the gain.
So what required you to stop occupying? Did you move into a rental or buy again?