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Updated almost 6 years ago on .
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CPA help -;2 of 5 year rule
For those that have done it before - I have a property that I previously lived in as a primary home from 2014-2016 that I'm looking to sell. The home has since been used as a rental - I was wondering if the 2/5 year rule would still apply in this case and if so how do you designate it as such on the forms to file the capital gains exemption? Thanks in advance for your help!
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Wayne Brooks
#1 Foreclosures Contributor
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- West Palm Beach, FL
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Well, you have Exactly 3 years to Close on the sale, from the Day you moved out....assuming you lived in for at least 2 years (720 days).