Hello,
Here is my situation
Bought a home in Texas in April 2015, Lived there till Aug 2016, after which put it up as a rental. I moved states due to job related relocation. Sold it in April 2019.
So my understanding of the situation is that I lived 1yr 4 months in this home of the last 5 years prior to sale and also had to move out due to job-relocation. Hence prorating the upto 500k gains I was ignore, I should be able to ignore up to 16 months/24 months x 500k = 333k in gains. Now I am nowhere close to making that money on the sale - I am no where close to making that kind of money - the home only sold for 280k. So my reading is that I can ignore the whole sales gain, even adding depreciation etc.
However, how do I do this transaction overall is not clear to me. Should I treat this as my main home for sale - I am in a home now in CA since I moved from TX. Please advise.
