Situation:
Dec 10 will be 3 years we have rented our home. We lived in it the previous 2 years as a primary residence.
We currently have our house up for sale. If the home goes under contract by the 10th do we qualify for the 2/5 yr rule or must it close by Dec 10th?
We only deduced expenses including repairs and maintenance on the home during the 3 years.
If we sell the home after this time how are we affected by the rule?
Looking to understand if best to hold on to the house or still sell if after Dec 10th. and to avoid capital gains taxes if possible.
Thanks in advance as the rule seems complicated.
