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If you sold the property in 2015 and excluded the gain as that was your primary residence (within the meaning of section 121) - you may NOT claim another similar exclusion for any sale within two years starting the date of your original sale.
Here is an actual statute
(3) Application to only 1 sale or exchange every 2 years
Subsection (a) shall not apply to any sale or exchange by the taxpayer if, during the 2-year period ending on the date of such sale or exchange, there was any other sale or exchange by the taxpayer to which subsection (a) applied.
Sorry if you expected differently.
You will be allowed to exclude the gain if the property will be sold in 2017.
You have correct understanding - that period must be between dates of the sale.
Just an illustration example
If you sold your primary residence on March 25, 2015.
Then you may sell your another primary residence and use section 121 exclusion anytime after March 25. 2017.
Assuming you will sell your another primary residence on April 1, 2017 - we would need to verify that there were NO other section 121 exclusions during 24 months before that date - means between April 1, 2015 and April 1, 2017.
That means - you may potentially use the exclusion on your 2017 tax return which you will file by Apr 15, 2018.
Regarding two-out-of-last five qualification - you may use ANY years during last five years before teh sale date.
But you may not use same months when teh property was not your primary residence.
Another issue is related to rental - that mans a part of gain will be apportioned to depreciation - and that part may not be excluded.
So - these all are separate issues.
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