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nonqualified use exclusions


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#1 midnightlover

midnightlover

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Posted 31 December 2013 - 02:14 AM

hi,

 

can someone please clarify this statement regarding nonqualified use exclusions:  "any portion of the 5-year period ending on the date of sale or exchange after the last use of the property as a principal residence."

 

does this mean that there is a 5-year window, after the last use of the property as a principal residence, that will not be counted as nonqualified use?  (assuming, of course, sale/exchange occurs after 5-year window)  if sale/exchange occurs before 5-years, then does the "any portion of the 5-year period ending on the date of sale or exchange" portion refers to the period between last usage as principal residence and sale/exchange date?

 

thanks!