Both primary residences were consecutively lived in for 2 years out of the last five before they were rented out. They both sold in the same year. Is it OK to claim the $250 forgiveness for qualified primary residence for both in the same tax year (the gain for both together was $150K).
"Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule."
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"Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule."
******************************* "Level Up" is a gaming function, not a real life function.
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