by CoachRoy on November 1st, 2009

CoachRoy

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I heard that if I rent my house out and move to my rental, that I have owned for 33 years and is fully depreciated, that I have to live in it for 20% of the time I owned it to qualify for the tax exemption of selling your prinicipal residence.

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  • by Sherri on November 1st, 2009

    Sherri

    No, you will have to live in it for 2 years, then you can sell and exclude the $500K/250K depending on your filing status. BUT the depreciation taken will have to be recaptured at a max of 25%.

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