Q: How strict are the "live two years out of the previous five" to get the tax exemption when selling a house?
We've been in and out of the house over the last three years between renters. Does every day count or is it "generally" two years. What kind of documentation is required?
A: It's a hardline rule, 1 year 364 days doesn't work. It's also more complicated than just 2 of 5, there's 5 steps that can be found at https://www.irs.gov/publications/p523/ar02.html#en_US_2015_publink10008937. IRS Pub 523.
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