Jbear Question: 2 o...
 
Notifications
Clear all

Jbear Question: 2 out of 5 rule

1 Posts
1 Users
0 Reactions
133 Views
Avatar Of Firebowles2023
Posts: 4056
Topic starter
(@firebowles2023)
Captain
Joined: 6 years ago

We are selling a rental property up against this deadline.

We owned our first home, then we bought a new house and kept the old one and rented it.

According to the 2 in 5 rule, when do we start that measurement?

By the sale of the new house which was mod July, or when we changed our address and actually moved to the new place in early August?

Does the IRS even look into it unless they audit?

I'm assuming if they audited they'd look at our address change...

Seems silly but the 2 weeks could make a difference when our renters are moving out etc.

I don't feel like my CPA knows what he's talking about with this one and in classic IRS fashion it seems ambiguous at their website.

Share: