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Question

Exclusion of primary residence

Forum|Forum|2 years ago
November 8, 2023
1 reply
0 views

If I rent out my house for less than fair market value to a friend or family member for say 4 years. Can I still get the primary residence exclusion of 250k when I sell it?

Employee

You have to live in the home for a minimum of 2 years during the last 5 years prior to the date of sale to be eligible the exclusion of gains on the sale of the home. If you have only lived in the home for 1 year in the prior 5 years before the sale you are NOT eligible for the exclusion.