Bought a NJ Home as a Principal Residence (Main Home) in 1987. Postponed Gain of $300,000 on Form 2119.
Bought Second Home in Florida in 2009. In 2024, want to convert Second Home into Principal Residence (believe all time and other requirements will be met).
Questions: If I sell the NJ Home after its status changes to a Second Home, will I have to apply the Postponed Gain to this NJ Home OR can the Postponed Gain await the sale of the Florida Home which has now become the Main Home?
