Article Date:
August 2020


Word Count:
857

 

 

Does Renting My Home for Two Months Kill the $500,000 Exclusion?


Exclusion Rule

 

The tax code allows you to exclude from gross income up to $500,000 of gain (joint return, $250,000 if single) from the sale or exchange of your home if1

 

·

during the five-year period ending on the date of the sale or exchange

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such property has been owned by you or your spouse for periods aggregating two years or more and

·

used by both you and your spouse as your principal residence for periods aggregating two years or more.

 

Planning note. The ownership and use periods do not ... Log in to view full article.

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