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Investors & landlords
First cap gains is not a bad thing to be avoided ... so if the rental is working well you can just keep the home.
However if you want to use the personal residence exclusion you have to live in the home for 2 of the last 5 years prior to the sale.
You will have to recapture the depreciation taken or allowed as ordinary income even if the cap gain can be excluded ... review all your options before you do anything rash.
‎October 30, 2019
5:57 PM
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