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Investors & landlords
the rule is for personal residence converted to rental to qualify for full exclusion it would have to have been your principal residence for 2 out of 5 years before the sale. even under the partial exclusion rules due to job change only the period within the 5 years before the sale would count. you haven't lived in the house for about 8 years so you get no exclusion.
of your gain, first, you will be taxed on depreciation recapture. only if there is an excess gain over the recapture amount would the excess be taxed as long-term capital gain
‎April 9, 2022
1:54 PM
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