Convert the Property to a Primary Residence: If you live in the property for at least two of the five years before selling, you may qualify for the primary residence exclusion, which allows you to exclude up to $250,000 of capital gains ($500,000 for married couples) from taxation.4.

Long answer - it's complicated.For 2024 you have a personal residence with room hacking.

I got all sorts of calls, usually some were just curious, some were angry, every month someone called the police, the BBB and one time even the FBI on me, because the term "cash offer"" seemed suspicious to them - drug money LOL A place officer called me on behalf of a resident asking me to stop mailing them, to which I replied: sure whats their address and he said: he would not give me that information.. 

Investment Info:Single-family residence wholesale investment.

Investment Info:Single-family residence buy & hold investment. 4 bed / 4 bath, 3500 sq ft

Is it realistic to pass material participation test if the property located far from primary residence, like vacation rental?

It's been a great privilege to work with the City of Maple Heights to establish the egress window codes in alignment with the Ohio Building Codes, so the residents can begin to have safe and beautifully renovated properties when there is such a need.

You may be able to factor in certain improvements to your personal residence so when you do move out, you can be eligible to depreciate it.

But as a property grows in size your rent/sq ft generally decreases.And right now the profit from that primary residence is tax free!!!  

Investment Info:Single-family residence buy & hold investment.