Homeowners tax exclusion on sale of subdivided property
My residential property currently qualifies for the IRS Federal tax exclusion of 0,000. I'm considering demolishing the house and legally subdividing the lot for purposes of building two new homes. Will the basis of the existing property be split between the two separate properties upon subdivision?
If I move back into one of the homes, is it still eligible for the 0K tax exclusion on the gain if I sell it quickly or do I have to reestablish the 2 year residency?
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