First, thank you for a quick response.
Second, to be clear, then upon the sale of the NJ Home:
1. The Adjusted Basis must reflect the "Gain Postponed" from 1987, regardless of whether it is a Main Home or a Second Home?
2. If the NJ Home is no longer the "Main Home", then the $500,000 IRS Section 121 Exemption is lost for use on this Home?
Third, the IRS Section 121 Exemption would then not be available unless and until it can be applied to the sale another Home once that Home becomes the new Main Home and has been lived in long enough to meet the Principal Residence, Ownership and Occupancy requirements?
