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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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i moved to florida and rented my house in new jersey. i ...

Resolved Question:

i moved to florida and rented my house in new jersey. i have made a serious attempt to sell it and now after almost 6 years i have a buyer.can i still claim the house as a primary residence?
Submitted: 8 years ago.
Category: Tax
Expert:  Lev replied 8 years ago.

Unfortunately - no. The property should be treated as a rental property.

Please refer to the IRS publication 523 - http://www.irs.gov/pub/irs-pdf/p523.pdf pages 10-18

To be eligible to exclude the gain from sale of your main home - you need to satisfy two separate tests:

  • ownership test - to own the property for at least two years out of last five before the sale
  • use test - to use the property as a primary residence for at least two years out of last five before the sale

You do not meet the use test.

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