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There was a time when you could convert your rental property or vacation home to a principal residence and then use the full $250,000/$500,000 home-sale exclusion to avoid taxes, those days are gone!
Today the $250,000/$500,000 exclusion works quite different. You are required to divide your period of home ownership into the following two categories:
It is important to note the exception to the nonqualified use is that nonqualified use doesn't include rental use during the five-year period that's after the last date you and or your spouse used the property as your principal residence.
If you will like to discuss this further please don't hesitate to contact us!
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.