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


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


Thanks for the correction. I remembered it was your idea, but I couldn't remember the specifics.


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