TaxGuyBill
Level 15
05-10-2022
09:08 AM
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@swarren69 wrote:
I read with interest your reply about allocating gain on a monthly basis. What are you talking about? I’ve never heard of such a thing.
Look up "Nonqualified Use", from §121(b)(5).
And 2018-2021 averages 3 years of rental use. It depends on the dates (it could be as little as 2 years, 1 day, or as much as 3 years, 364 days). So depending on the dates, a person could qualify for the exclusion.