Author Topic: Partial exclusion for selling a home  (Read 998 times)

thoranx

  • 5 O'Clock Shadow
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  • Posts: 3
Partial exclusion for selling a home
« on: December 21, 2016, 03:50:49 PM »
So I bought a house back in 2012, lived in it for 1 year and 4 months. After this time we decided to move closer to my work and started renting the house, we moved about 15 miles away. The house was rented from February 2014-February 2016. I then got a new job and moved across country in July 2016. We put the house on the market and it sold in September 2016.

My question is do I qualify for the partial exclusion mentioned here? https://www.irs.gov/publications/p523/ar02.html#en_US_2015_publink10009003



COlady

  • Bristles
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Re: Partial exclusion for selling a home
« Reply #1 on: December 24, 2016, 09:34:54 PM »
No, you converted your principle residence to a rental property so you are not eligible for the exclusion.

NoNonsenseLandlord

  • Bristles
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  • Age: 64
  • Location: Eagan, MN
    • No Nonsense Landlord
Re: Partial exclusion for selling a home
« Reply #2 on: December 25, 2016, 05:38:13 AM »
As far as I know, you need to live in the home at least two of the past five years.  You lose on the two year test.

 

Wow, a phone plan for fifteen bucks!