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Capital gain tax exclusion after property transfer to LLC

I have lived in primary residence for just over two years. Now I am moving and planning to rent the home for 2-3 years and then sell. 2-3 years because I want to qualify as having lived in house for 2 years in last 5 years. I am thinking of transferring the home to an LLC for renting for asset protection purpose. When I sell the home  via LLC, will I qualify for the capital gain tax exclusion as lived in it for two years before transferring it to LLC.
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September 27 2013 - Phoenix
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Answers (4)

Tax questions should be addressed to accountants.

If you have a mortgage on the property consult your mortgage documents to see if the transfer to a corporate entity will cause a breach in your mortgage agreement.

You may also incur real estate transfer taxes when ownership changes.
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September 28 2013
You will certainly want to talk with an accountant and/or an attorney about this.
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September 28 2013
This is a tax question best asked to a tax pro, but I think you can. I know you can claim anything under the sun, the question is if you get audited will you be ok with the claim.
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September 28 2013
Best to call tax accountant for questions like this.  
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September 28 2013
 
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