Hi,
We are Ohio residents, we purchased a home in 2018 and lived in it until april 2023. After april we have rented it out for just over 1.5 years. We are planning on selling the home due to the IRS rule on principle residence.
Few questions:
#1: we are not married ( engaged ) the proceeds of the home are going to be less then $250,000, so no taxes correct?
#2: Since we have lived in the home for over 24 months in the last 5 years, we can still use this rule even though the house was a rental for 1.5 years?
#3: I am assuming we have to file or submit something for the proceeds, how does that work? Do we both split the cash on our form?
Thanks for the help
