I’m just going on what he told me…he bought another residence, and said that he had 3 years from the purchase of the other residence to sell-I presume it’s related to whether or not you are rolling the gain into a new residence. did a quick web search and found the following:
“If you live in your home for 2 years out of the last 5 years before you sell it, you will qualify for the personal residence exclusion”
I presume after he’s been out for 3 years, he’s no longer in the 2/5 club, and he’d have to pay capital gains on the sale.
