Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Time May Be Running Out
Do you have a principal residence you've been renting out for income? Should you consider selling in the near future, is it better to do a 1031 exchange and defer the taxes or if you qualify, sell and take the capital gains tax exemption? 
As advised, read IRS Publication 523 and consult a tax professional to learn about your best options.
During the Great Recession, some homeowners elected to rent their home rather than sell it for less than it was worth.
IRS tax code allows for a temporary rental of a principal residence without losing the exclusion of capital gain based on some specific time limits. During the five year period ending on the date of the sale, the taxpayer must have:
Owned the home for at least two years Lived in the home as their main home for at least two years Ownership and use do not have to be continuous nor occur at the same time If a home has been rented for more than three years, the owner  will not have lived in it for two of the last five years. So the challenge for homeowners with gain in a rented principal residence that they don’t want to ... more

__________________________________________________
Are you on The Rain? Grow Your Network!