So if you are married, the first $500,000 is excludable.  

And as long as you have lived in it for 2 out of the previous 5 years you'll get the first $250K ($500K if married) tax free.But what's even better is that you can still do a 1031 on the sale for the portion that is used for investment. 

Learning to actually make and follow along with a monthly budget was one of the best things I did after getting married.

Hello all,I am married with a little girl with another little girl on the way.

Second house, was house hacking before then got married.

Second house, was house hacking before then got married.

@Tyler Speelman There's no issue if you want to convert your STR into your primary residence and live in it for those two years. you would qualify for a 121 exclusion which allows you to take the first $250k ($500k If married) of the gain tax free. 

Since you lived in the condo until September 2021, you could be eligible to exclude up to $500,000 of capital gains (as a married couple) if you sell before September 2024.

There are several different types of income in the US tax code.Two main types are “active income” and “passive income".Active income is money you earn from working, such as wages from a W-2 job or income from running a business.Passive income is money you earn from investments like real estate, stocks, or rental income from your RE portfolio where you earn $ without actively working.Normally, you can't use passive losses (like losses from real estate investments) to offset active income like your salary from a W-2 job.That is unless you are an RE Pro.The reality is, that Real Estate Pro status is just a filing status similar to filing married or jointly.And if you are a real estate professional you CAN use passive real estate losses to offset active income from other sources.To qualify as an RE Pro you must:1.

This allows you to take the first $250k ($500k if married) of the gain tax free.