Hi and welcome to our site!Income is NOT recognized as long as the property is not sold.So - if you own the property - there is no income. Income will recognize in the year of sale.You may not shift income recognition to a different tax year. Sorry.If you will use the property as your primary residence at least two out of last five years before the sale - you will be eligible to exclude part of the gain (not related to depreciation recapture) from taxable income.However - because the property was rental property before conversion into your primary residence - you need to use it as your residence at least five years to be eligible for the full exclusion.
Let me know if any clarification needed.
Thanks for the quick response. Independent of the change in status of the formal rental property, we are considering making a charitable contribution and wondered if the contribution of the gift and recognition of higher income could be timed to occur in the same tax year.