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Get your taxes done using TurboTax
Thank you so much for the quick rely!
I owned from 2013. Positive I moved out after Oct 16, 2017 and before rental start on Nov 1, 2017. In that case, in order to qualify for the exclusion, do I have to close the sale of same property before Oct 31, 2020?
If it is sold on Nov 1, 2020, will I lose all the exclusion (all or nothing)? Reading something about safe harbor to achieve partial exclusion (unforeseen events etc.). Covid-19 is causing financial stress (furlough) and we want to sell to hold more cash. Would that allow me more time to sell?
To complicate the situation a bit more... we were doing MFS in prior years. Rental was under my spouse's filing. Next year we plan to do MFJ. Is that going to make reporting under Turbotax much harder, if not impossible?
Thank you again.