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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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1)I file MFJ.I bought a house on 2003 and I was living in that

Customer Question

1)I file MFJ.I bought a house on 2003 and I was living in that house till 2012. I put it on rent from 2012 and sold it out in 2015 with gain of 500,000. Also, I have passive losses on the same rental property. Can I offset my gain against my passive losses. Can I exclude any part of the gain as I used the house for 10 year as my primary residence. Thanks
Submitted: 6 months ago.
Category: Tax
Expert:  Lev replied 6 months ago.
First of all - you might be eligible to exclude some of the gain realized on teh sale of your house IF the property was used as your primary residence at least tow our of last five years before the sale.So to be precise o we need to verify- the exact date when you moved out from the house - and it stopped to be your primary residence, and- the sale date.We need to verify if two years requirement is satisfied.
Expert:  Lev replied 6 months ago.
Expert:  Lev replied 6 months ago.
Let me know if you still need any help or clarification.

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