2. In 2016, Jeremy (single) purchased a home and lived in it for 28 months. In July 2018 he converted the home to a rental when he moved into his father's home to help him. In February 2020, Jeremy sold the home. Jeremy had passive activity losses of $4,500 in 2018 $7,800 in 2019 $2,300 in 2020 Jeremy realizes a gain of $180,000 when he sells the home. He does meet the 2 out of 5-year gain exclusion rule of $121 so can exclude the gain. Is he precluded by $469(g) from triggering the PALS from when the home was rented? Find an answer that completely informs Jeremy what the law allows him to do with the losses. 2. In 2016, Jeremy (single) purchased a home and lived in it for 28 months. In July 2018 he converted the home to a rental when he moved into his father's home to help him. In February 2020, Jeremy sold the home. Jeremy had passive activity losses of $4,500 in 2018 $7,800 in 2019 $2,300 in 2020 Jeremy realizes a gain of $180,000 when he sells the home. He does meet the 2 out of 5-year gain exclusion rule of $121 so can exclude the gain. Is he precluded by $469(g) from triggering the PALS from when the home was rented? Find an answer that completely informs Jeremy what the law allows him to do with the losses