UnThreaded | Threaded | Whole Thread (39) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127814  
Subject: Re: Selling Date: 2/18/2013 1:48 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Given your contributions on the Tax board this is more for lurkers than for you, but the law changed in 2009 on calculating the amount of gain available for the personal residence exclusion. The period from 1/1/2009 to the date you moved in is "nonqualified use." The part of gain attributable to this period as a percentage of total ownership time cannot be excluded. (This is in addition to the usual treatment of property that was used as a rental.)

Details are in IRS Publication 523.

Phil


The tax law change was the reason we converted the property back to personal residence in 2009. The two year plan is now a four year plan, but is close to coming to completion.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (39) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

The Story Behind the Story
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement