Residence to rental

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  • gman
    Senior Member
    • Dec 2005
    • 676
    #1

    Residence to rental

    Taxpayer purchased new home, but was unable to sell old home. Taxpayer turned old home into a rental for two years and now renter would like to purchase home. Could taxpayers exclude sale on prior residence/now rental? Taxpayer lived there for 2 out of last 5 years.
    Tags: None
    • MLINDER42
      Senior Member
      • Oct 2008
      • 277
      #2
      rental

      Yes.If he lived there 2 out of five can still claim exclusion must recapture depreciation taken.

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