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irasmilo writes (in part):

This election does not apply to your personal residence in the opinion of some of the more respected contributors to these boards.

I reply:

To be more precise, the election is available with respect to your personal residence, but it's almost certainly a really bad idea because every penny of gain would be immediately taxable and not a cent would be subject to the $250,000/$500,000 exclusion usually available for a normal sale. --Bob
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