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Good Try No Cigars |
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Dear Ms. Lank, Is it possible for me to buy a condo in Florida, rent it out for a year, then live in it for 2 years as my main residence, then sell it tax-free, while at the same time selling my current residence, which I've lived in for 30 years and will have fulfilled the "2 out of the last 5 years" obligation, also tax-free? |
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You could follow the plan for a Florida residence, live in it as your main home, sell it and use the homesellers exclusion on your gain. But selling your long-time home and claiming the exclusion on that one also “at the same time” won’t work. While that tax break is available for more than one main residence, it can be used on only one sale in any two-year period. |
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Edith
Originally published on September 4, 2005 |
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