I want to make sure I calculated this correctly. Been a rental continuously 100% since mid 2011 up to the time TP sold rental in 2013. Upon looking at the HUD, I took the Ln 420 "Gross Amt due to seller" and subtracted the "loans/mortgages" on the rental which equals the "Expense of Sale".
Also, TP initially purchased this property in mid 2005 and used it for residence until mid 2011 so definitely satisfied the 2 out of 5 years for the exclusion of gain but I am 2nd guessing myself since it was converted to a rental.
Also, TP initially purchased this property in mid 2005 and used it for residence until mid 2011 so definitely satisfied the 2 out of 5 years for the exclusion of gain but I am 2nd guessing myself since it was converted to a rental.
Comment