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Investors & landlords
The "2-year" safe harbor is applicable to challenges buy the IRS as to whether a dwelling unit qualifies as property held for productive use in a trade or business or for investment.
See https://www.irs.gov/pub/irs-drop/rp-08-16.pdf
You can generally convert the property to your primary residence safely after that period of time, but you will ultimately be faced with recapture of depreciation and a reduced home sale exclusion as a result of the rental period.
May 16, 2023
11:53 AM
1,517 Views