Sold primary home and other property

[stech]

I sold primary home in Nov 2022. I also sold my other rental property on Jan 2, 2022. So technically it was never rented in 2022. But it was in 2021, 2020. Do I still treat second property as rental? I was hoping to exclude capital gain from both property.

is this firm irs law that I can only claim one personal property exclusion

[Anonymous_ · Accepted solution]

You started another thread on the issue of the rental sale.

See Sold rental property and main home (intuit.com)

You cannot use the home sale exclusion (Section 121 of the Tax Code) for rental real estate in which you never resided. 

Further, there will be unrecaptured Section 1250 gain (depreciation recapture) on the sale of the rental property, whether you took depreciation deductions or not (this was also addressed in your other thread).

[rjs · Accepted solution]

The Section 121 exclusion of gain applies only to your primary home. It doesn't matter whether the other property was rented or not. It wasn't your primary home, so it's not eligible for the exclusion. Furthermore, you can only claim the exclusion once in any two-year period. This is all firm U.S. law.