Sept 2009

Full time RVers should be aware that in 2008 the IRS established a rule to eliminate people from excluding capital gains on a residence sale if it had been used for business or rental for more than three of the previous five years.

This could impact RVers who spend less than 2/5 of the time in their home. (4.8 months/year averaged over 5 years)

I have been unable to find any web page describing this situation on the web - such as
   What if less than 5 years?  Prorated?
   What if house not used for business or rental during that time - such empty while RVing
   etc.

The following web pages provided some insight

http://www.justanswer.com/questions/7gd8-capital-gains-homestead-exemption

http://www.trulia.com/blog/gracemorioka/2009/04/before_you_sell_your_hom

IRS Publication  http://www.irs.gov/pub/irs-pdf/p523.pdf

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