This question concerns the Capital Gains
exemption on the sale of a home.
We own 2 homes. One in NH that we have owned and used for 33 years. That was our summer home for 5+ months each year during 2004-2014. The one in NC, we bought in April 2015. Prior to that we owned a home in FL, which was our primary residence for 11 years. We sold that at a loss in April 2015
In May 2015, we "registered" the NH home with our local
town home as our primary residence and changed our voter registration and drivers licenses at the same time. Our tax returns
since the 2014 tax
year list the NH home as our primary residence. By May 2017, we will have spent 13 months the NH Home. During that period we will have spent 11 months in our NC winter home.
We plan to sell out NH summer home some time after May 2017. We have received conflicting advice concerning capital gains tax treatment on this sale from two different sources.
One, a "Real Estate Lawyer" that we consulted, told us
that by May 2017, we would qualify for the $500,000 capital gain exemption at that point.
The other a CPA advised that we would need to occupy our primary residence for 24+ months, LOOKING BACK from the date of the sale. He provided information and examples for this that suggested that by May 2017 we would have occupied the NH home for 12+ months over two years, and by "Looking Back" 3+ years from that point, we would have occupied the NH home for an additional 16+ months for a total of 28 months. Can you confirm this?
It is not clear to us whether the look-back period starts on May 2015 or in May 2017.