Hello tax gurus, I have a few questions on how to apply publication 523, in order to benefit from the $250k/$500k exclusion. Can anyone help?
1. I want to nail down the exact date to meet the 2 out of 5 years rule. Is it by days or months? I had a primary property since 2013. I converted it to rental and rented it out on Nov 1, 2017. Say I moved out on Oct 20, 2017 into a new property I bought. If I sold the rental property on Oct 30, 2020, would I meet the 2 out of 5 year rule in order to take exclusion?
2. The exact move out date and move in date is a blur for me. Which date is the one I need to consider for the 2 out of 5 year rule? The move out date? The rental start date? The new property purchase date? The move in date to new property? How can I find that exact dates in prior year tax filings or turbo tax?
3. How can I report such sale in turbo tax exactly in order to reflect this was a primary converted to rental? Where can I indicate it is within 2 out of 5 years or turbo tax knows how to calculate automatically?
Thank you so much.
@Carl @SusanY1 @Opus 17 @TaxGuyBill @DoninGA @BillM223 @VictoriaD75
