For 15 years I owned and lived in one unit of a two family house, the other unit is rented. I want to occupy the entire house for at least two years and sell it. Will I be able to use the Capital Gains Exclusion on the entire property or will I still be selling two units? Do I have to sell it as a one family to satisfy the IRS rules for occupancy?
My gut reaction would be that it would be considered to be two separate properties that you couldn't occupy as your primary residence simultaneously. One option might be to sell the one you live in now as your primary residence, move into the other one and sell that one in two years. The fact that the other unit is rented probably complicates things, but it's an idea anyway....
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