Can I choose which residence to claim an exemption for?

April 14, 2004

From:  Ira
Date:  Wed, 31 Mar 2004

If you sell two residences that qualify for the principal residence exclusion within a two-year period and the profit from the first sale is small, can you just pay tax on the capital gain from the first sale and claim the exemption from the second?

Answer

Date:  Fri, 2 Apr 2004

Hello Ira,

Yes.

Good luck!
Mike Gray

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