tcpa03
Level 1
09-20-2020
12:16 AM
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Can you help with this question?
Family lives in rental property for primary residence (greater than 2 years).
Rental property gifted to family in current year.
Family (new owners) sell the home a few months after gifting takes place.
For capital gains treatment, they will get long term treatment since the property was held by the original owner (giftor) longer than 1 year.
Question - can they count the years they lived in the house (prior to ownership/gifting) to meet the ownership/primary residence test for the 121 exclusion?