Hello,
My wife and I have purchased 3 properties over the last four years (2 duplexes, 1 4 plexes). We have owner occupied all of them, but we may have made an error in not staying in one of them for 2 years (wouldn't have been possible to stay in each of them for 2 years with our timeline). If I understand correctly, if we can qualify for the 2 years, we could avoid taxes for 1/2 of duplex or 1/4 of 4 plexes on sale. We currently rent our primary residence and do not have a desire to move back to any of these properties to build the clock back up, just want to sell. What I would like to know is if the 2 years is a hard rule. I will show you in the properties below we got very close. Here goes:
Property A (Duplex)
Closed on 2/28/13
Moved in 5/1/13
Moved out 8/15/14
Property B (Duplex)
Closed on 6/6/14
Moved in 8/15/14
Moved out 3/1/16
Property C (4 Plex)
Closed on 10/23
Moved in 3/1/16
Moved 5/29/17
Here are the addresses for each tax year that were used.
2013: Property A
2014:Property B
2015: Property C
2016: Property C
Hopefully something can be done a previous tax consultant I talked to seemed to think we could do it but I haven't revisited it until now because we are selling.
Thanks all in advance!!