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JandK
Returning Member

Sold primary home that had been converted to a rental 9 years ago. Can I use Safe Harbor? What can exemptions can I use.

Bought a primary home in GA in 08/2008. A job change forced move of 400 miles to FL in 11/2010. Lived in the home for approximately 27 months. 

 

Converted the home to a rental in 2011. Used a rental agent due to the distance.  We set our rents, approved tenants, authorized repairs over $200.  Agent accepted applications, accepted rents, deducted repairs from rents, forwarded net rent to us monthly,  We purchased our annual general liability insurance, worked with insurance for claims twice.  We paid our property taxes annually each year. 

 

We sold this home in 08/2020.  We have been renters in FL since 2011.   We have not purchased amy other homes since 2008.   

 

Can we used Safe Harbor Rule Exceptiion, or any other exceptions from the capital gains of the home sale?

 

Thank you!

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1 Reply

Sold primary home that had been converted to a rental 9 years ago. Can I use Safe Harbor? What can exemptions can I use.

no exclusion is available. you have sold the house more than 5 years after converting to rental 

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