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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3001
Experience:  IRS licensed Enrolled Agent and tax instructor
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3 years ago I purchased one condo consisting of two units on

Customer Question

3 years ago I purchased one condo consisting of two units on the same floor - it was legally made into one condo by the previous owner (he simply broke the wall). I lived in it as my primary residence for two years and then rented it out for one year.
I recently separated the condo legally back to the original two. Now it's two condos.
Can I exclude the gain from the separate sale of both units (the same as I would be able to do if it was a separate sale of a house and a vacant land)???
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

From what are you describing you used both units as your primary resident. If you lived in it for at least two years, you will qualify for the exclusion. No problem there.

However, you can only claim one exclusion every two years. So, you have a choice. You sell both units at the same time or you will have to wait for two year years before selling the second unit to qualify for the exclusion again.

Let me know if you have any questions.

Expert:  emc011075 replied 1 year ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.