Sale or Exchange of Your Home discount hotels in AntwerpIf you sell or exchange your home, you may be able to exclude up to$250,000 ($500,000 for certain married persons filing a joint return)of the gain on the sale or exchange if you meet the ownership and usetests. Ownership and use tests.Tallinn hotelsTo claim the exclusion, you must meet the ownership and use tests.This means that during the 5-year period ending on the date of thesale, you met the following tests. You owned the home for at least 2 years (ownershiptest). Fruhstuck Stavanger PensionYou lived in the home as your main home for at least 2 years(use test). Business use during the ownership and use periods.If you used part of your home for business for more than 3 yearsduring the ownership and use periods, the exclusion generally appliesonly to the gain attributable to the personal part of your home. Depreciation.If you were entitled to take depreciation deductions because youused your home for business, you cannot exclude the part ofyour gain equal to any depreciation allowed or allowable as adeduction for periods after May 6, 1997. If you can show by adequaterecords or other evidence that the depreciation deduction allowed wasless than the amount allowable, the amount you cannot exclude is thedepreciation allowed. Basis adjustment.If you used any part of your home for business, you must adjust thebasis of your home for any depreciation that was allowable for itsbusiness use, even if you did not claim it. If you took lessdepreciation than you could have under the method you properlyselected, you must decrease the basis by the amount you could havetaken under that method. If you took more depreciation than you shouldhave under the method you properly selected, you must decrease thebasis by the amount you should have deducted, plus the part of theexcess deducted that actually decreased your tax liability for anyyear. For more information on reducing the basis of your property fordepreciation, see Publication 551. More information.ERROR MSGThis section covers only the basic rules for the sale or exchangeof your home. For more information, see Publication 523.