home ownership: The Difference a Day Makes
- 06/16/11 08:30 AM
A man was selling a property which was currently rented but had previously been his home for over two years. After discovering it had been rented for the last 2.5 years, it was asked if he had planned on taking the principal residences capital gain exclusion. He said he hoped it would be possible.
When asked if he was aware of the requirement that he must have owned and used the home for two out of the last five years (730 days), he said he knew about it but wasn't sure what it meant. "In this case, it means the … (0 comments)
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Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910
A man was selling a property which was currently rented but had previously been his home for over two years. After discovering it had been rented for the last 2.5 years, it was asked if he had planned on taking the principal residences capital gain exclusion. He said he hoped it would be possible.
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