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Updated about 2 months ago on . Most recent reply presented by

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Evelia Loera
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Tax, SDIRAs & Cost Segregation

121 Excl US Ion: Main Home To Llc Rental

Evelia Loera
Posted

Does couple qualify for capital gains exemption? 

Clients (married couple) purchased and lived in main home/residence from 2019 through mid 2022. Mid 2022 placed as a rental property under LLC (treated as an S-Corp/1065). Now they want to sell and would like to benefit from the 121 exclusion capital gains. They are inquiring about transferring the deed back to their names, before selling the property. I've read through the IRS publication 523.

Do they even qualify? 

Los Angeles County, California
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Aaron Zimmerman
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Replied

@Jason Malabute 100% agreed with this and in alignment. 

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