Ron and Fay live in Buffalo.They also own a condominium in Orlando (purchased in 2011)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, the owners must have lived in it as their primary residence for at least two out of the five years preceding the sale. Since Ron and Fay 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