Hello! Can someone tell me if a rental period of my main residence is qualified or nonqualified for the 121 exclusion?
For context, I bought a home in Las Vegas, NV in August 2009 as my primary residence and I lived there for almost 3 years (33 months technically) and then I moved out and rented it out for 7 years. Then I moved back in and used it as my primary residence again for the last 5 years. I applied for a 121 exclusion for the first and only time in 2006 and I have heard references that the rental period is nonqualified but also, that there's an exclusion to the nonqualified use but no one locally can fully explain them to me. The capital gain that I would have if I sell would be around 200K. Can somebody tell me what's right?
Thank you so much!!
