Question for the tax pros out there.If someone inherits a home from a trust after death of the owner, and the home is their primary residence, does the two year period to exclude capital gains on the sale of a primary residence start from the date of death or the date the house was distributed from the trust? 

It excludes mold and has a water limit which I’m worried about.

If you look at historical appreciation in Oklahoma, we average around 2-3% per year if you exclude 2020-2022.

For further details on this parameter, please consult our user guide.We have allocated a budget of $15,000 for renovations / refurbishments.The purchase price of a 2-bedroom / 2-bathroom unit in this area is $498,000, with 5% of this price allocated for closing costs.A turnover cost of $175 per booking has been factored in, with no rental management fee assumed, indicating that you will manage bookings and cleaning services independently.The mortgage rate is set at a fixed 7% per year, with an 80% loan-to-value ratio (LTV) and a 20-year term.For the remaining parameters in our financial model, please refer to the image above.Taking these values into account, below are the results of the financial case study.Some insights:The results show the anticipated performance of a 2-bedroom / 2-bathroom unit in the southwestern area of Okaloosa Island, Florida.Expected gross revenue amounts to $78,240, derived from 47 bookings with an average stay of 5 days at an average daily rate of $325 (inclusive of cleaning fees).Total yearly expenses add up to $68,014, encompassing various costs from private mortgage insurance (PMI) to property taxes and annual loan repayments.The cash required for this deal totals $139,550, incorporating the 20% down payment for the mortgage, 5% closing costs, and the $15,000 renovations budget.Pre-tax net revenue stands at $10,226, representing a 7.33% cash-on-cash (CoC) return.The annual return on investment (ROI) is 1.9%, excluding value appreciation.

Assuming this is the case (and excluding agents fees, costs etc) would the capital gains tax on the second property be 40k (gain since the purchase 315k-275k), or would there be some kind of recapture from the first 1031 exchange.

In most jurisdictions when you rent a SFH everything on the lot is included unless specifically excluded in the lease.  

The business is so much easier once you get rid of the debt.Other people may think it's more or less but that is what happened in our portfolio (adjusted to your figures and excluding commercial) over 2 15 year periods from 1990 - 2005 and 2008-2024.

I excluded the address on NDA until proof of funds is provided and currently stuck in a stand-still as tenant does not want to provide anything until he's given some more details.

I assume I use the current value of the property (I know its the value of the house only; excluding land) when I "convert". 

Of course that excludes all the regular risk factors that affect the entire country or the world and real estate anywhere.