wexeter
This post only applies to real estate investors that own rental property and would like to move into the property for use as their personal residence so that they can ultimately sell it tax free under Section 121 of the Tax Code (http://www.exeter1031.com/section_121_internal_revenue_code.aspx).
The Housing and Economic Recovery Act of 2008 (http://www.exeter1031.com/irs_code_regulations_rulings.aspx) has modified Section 121 so that your ability to sell your personal residence and exclude the gain from your taxable income will be reduced depending on the amount of time that the property was held as investment property (after 2008).
This amendment to Section 121 (http://www.exeter1031.com/article_changes_to_section_121.aspx) only affects real estate investors that convert rental property to their personal residence. It does not affect homeowners that conver their personal residence to rental property.
The Housing and Economic Recovery Act of 2008 (http://www.exeter1031.com/irs_code_regulations_rulings.aspx) has modified Section 121 so that your ability to sell your personal residence and exclude the gain from your taxable income will be reduced depending on the amount of time that the property was held as investment property (after 2008).
This amendment to Section 121 (http://www.exeter1031.com/article_changes_to_section_121.aspx) only affects real estate investors that convert rental property to their personal residence. It does not affect homeowners that conver their personal residence to rental property.