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Investors & landlords
where does p4 of IRS Publication 544 support the "no gain provision?" I have the exact same situation. It would be common sense that any gain relative to FMV at the time of conversion that was less than the purchase price would be excluded, I just don't see where specifically. The only exclusion appears to be if the property was not rented for 2 of the last 5 years. Any help would be appreciated!
May 31, 2019
5:01 PM