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MGC94
MGC94
Level 7
April 11, 2024
Question

Rental/Home Sale Exclusion

  • April 11, 2024
  • 3 replies
  • 20 views

Taxpayer lived in this house as main home for over three years. Wants to do the home sale exclusion. She rented her house out for one month in the summer and lived with her mother, then moved back in for a month right before it sold. Can she no longer claim the home sale exclusion for renting it out for one month? 

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3 replies

N
Norman2001
Level 6
April 11, 2024

Renting out the property does not void the exclusion. 

www.law.cornell.edu/cfr/text/26/1.121-1  (c)(4)Example 1

    Accountant-Man
    Accountant-Man
    Level 13
    April 11, 2024

    Read IRC Sec. 121.

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      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      April 11, 2024

      As long as they owned and lived in it as a personal residence for 24 months out of the past 60, they do qualify for the exclusion.

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