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eire02, Other/Just Looking in

I must live in a home as my principal residence for 2 out of the 5 years of ownership.

Asked by eire02, Sun May 20, 2012

I bought 3 units in 2004.
I've lived in one unit as my principal residence for 2 out of the 5 years AND I've lived in another unit as my principal residence for another 2 of those 5 years (with one year left ;)
Since this complies with the "rule", may I sell both of those units in the same year?
I'm now living in the 3rd unit.
Thank you SO much for your help.

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Answers

1
Aloha Eire,

Contact a CPA for definitive information, I know a few locally, would be happy to pass along the information to reach them. Great question. Wouldn't that be great if you could live for 2/5 and roll over the home in the 5th year? You should also consider a 1031 exchange and a self-directed IRA.


Frank Diaz
(RA) MBA, e-PRO, REALTOR®
East Oahu Realty
808.723.0900 cell
http://hawaiihome.biz/
0 votes Thank Flag Link Sun May 20, 2012
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