What is tax rule, 2 out of last 5 years or 3 out of last 5 years? - Posted by jim

Posted by Rolfe K Mpls/StP on March 18, 2000 at 14:58:02:

nt.

What is tax rule, 2 out of last 5 years or 3 out of last 5 years? - Posted by jim

Posted by jim on March 18, 2000 at 12:10:44:

What is the rule for being able to sell your personal residence and then purchase another home later without triggering taxes? I want to rent out my home on a lease purchase and delay buying another home for a while. Is it that you have to have lived in the home 2 out of the last 5 years or 3 out of the last 5 years?

Thanks

Re: What is tax rule, 2 out of last 5 years or 3 out of last 5 years? - Posted by chris

Posted by chris on March 18, 2000 at 15:05:15:

24 months is the answer-certain exceptions allow you to go under the two year mark and still claim a partial exemption. IRS pub 523 contains worksheets for calculating this.