We focus on apartments of 100+ units, mobile home communities, senior (not assisted) complexes for partners and consulting services.

The correct advice: consult a tax pro.

That should be something less than $150K in this case, so that would all fall under the exclusion, provided the two of five years condition is met.As always, consult someone who really knows for a truly correct answer.

Many mortgage consultants sorely underestimate the negative impact on the credit report these events have.

NationwidepiEnjoy reading your posts but the statement you made that it is not legal for an agent to receive funds outside of closing is 100% wrong if your talking about fees for service.In California a broker can be paid fees for services before, during, or after a deal, and as a matter of fact there doesn't even have to be a deal just a consultation..

I consulted a couple lawyers and they tell me that I am OK and that even if challenged in the future I would have no problem.

For that I guess I shall consult with my accountant.

If I did consult an agent wouldn't the commision be paid by the seller?

Not only will the seller be happy you will to when you see the money you make as a "consultant" to help them sell the house.

For purposes of this Act, the following definitions shall apply:(1) FINANCIAL INSTITUTION.—The term ‘‘financial institutions’’ means any institution including, but not limited to, banks, savings associations, credit unions, broker-dealers, and insurance companies organized and regulated under the laws of the United States or any State, territory, or possessionof the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Marianas Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.(2) SECRETARY.The term ‘‘Secretary’’ means the Secretary of the Treasury.(3) TROUBLED ASSETS.The term ‘‘troubled assets’’ means residential or commercial mortgagesand any securities, obligations, or other instruments that are based on or related to such mortgages, thatin each case was originated or issued on or before September 17, 2008, the purchase of which the Secretary determines promotes financial market stability; and, upon the determination of the Secretary in consultation with the Chairman of the Board of Governors of the Federal Reserve, any other financial instrument, the purchase of which the Secretary determines necessary to promote financial marketstability.