IRonMaN
Level 15
01-04-2024
12:38 PM
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To qualify for the exclusion, it must have been a primary residence for at least 2 out of 5 years. Since trusts aren’t living, they don’t have primary residences.
I’m not familiar with a grantor residence trust. If it is an irrevocable trust instead of revocable, your client is screwed.
Slava Ukraini!