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Landlord's Two-Year Condo Move Could Shield $400,000 Gain From IRS

Original: She'll Move Into the Condo She's Rented Out for Years, Live There Two Years, and Sell It for $400,000 More Than She Paid. Those Two Years Will Keep Part of That Gain Away From the IRS for Good

A long-time landlord is planning to move into the condo she has rented out for years, live there for two years, and then sell it for about $400,000 more than she paid. By making it her primary residence for two of the last five years, she can use the IRS capital gains exclusion to permanently shelter a portion of the profit from federal tax, turning a rental property into a largely tax-free windfall.

Why now: The story highlights a well-known but little-used IRS tax break that appeals to property owners weighing how to sell rental real estate profitably.

IRSinternal revenue code Section 121 exclusion

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• She'll Move Into the Condo She's Rented Out for Years, Live There Two Years, and Sell It for $400,000 More Than She Paid. Those Two Years Will Keep Part of That Gain Away From the IRS for Good · 24/7 Wall St.

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