Ron and Fay live in Buffalo.They also own a condominium in Orlando (purchased in 2009)which they rent to vacationers.Ron and Fay will be retiring.They plan to live in the Orlando property for two and a half years.When they sell it,they will be able to exclude the full gain which is expected to be about $200,000.

Question

Quizplus · Accepted Answer

To exclude the full gain from the sale of a property, it must be their primary residence for at least two out of the five years preceding the sale. Since they plan to live there for only two and a half years, they may not qualify for the full exclusion.

Ron and Fay Live in Buffalo