The change in use went from 2nd home (non-income producing) to principal residence (they sold another property in 2015 that they claimed the principal residence exemption). The client sold the subject property last year. Would I be able to claim 45 (2) election with the 2022 return and obtain an opinion of value for the property as of 2015 to calculate the applicable capital gains? Then override Profile to not calculate a capital gain using the principal residence exemption formula?
