Click on a link to view the article Five Year Hold Required to Exclude Gain Under IRC §121. This revenue procedure changes how long you have to own an exchange property that you later move into before, you can sell it as your principal residence. New revenue procedure governing sales of former principal residences that were later converted to investment properties. Allows for exclusion of gain first under IRC 121, the "two-in-five year" rule first, then IRC 1031, for the balance of gain.
Click on a link to view the article
Five Year Hold Required to Exclude Gain Under IRC §121. This revenue procedure changes how long you have to own an exchange property that you later move into before, you can sell it as your principal residence.
New revenue procedure governing sales of former principal residences that were later converted to investment properties. Allows for exclusion of gain first under IRC 121, the "two-in-five year" rule first, then IRC 1031, for the balance of gain.
