residence sale

[Earl]

Client's house burned down where had lived for several years. Insurance reimbursed for house but client does not want to rebuild. Will be moving to another home. If the remaining land is sold does it qualify for exemption from tax since it was part of residence for 2 years out of last 5.

[jerome]

Yes. Just make sure the sale of the land occurs prior to the taxpayer no longer qualifying for the 2 out of 5 year test.