Today's question: "A property was my principal residence for the first 2 of the 5 years ending on the date of the sale of the property. For the last 3 years before the date of the sale, I held the property as a rental property. Can I still take an exclusion, and, if so, how should I account for the depreciation I took while the property was rented??"
Dumb Tax Advice From Interns is a continuing series leading up to tax day, in which real truTV interns answer your tax questions. Our interns are very bright people, but seeing as they have absolutely no real accounting experience, we don't recommend you follow this advice.
Check back here every Monday, Wednesday and Friday from now until Tax Day for more advice. Have a tax question for our interns? Ask away. Just don't expect an expert response.