Sales of a home $5000 exemption

8 replies
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The client sold her home, her husband died in 2019. Capital gain 539K. Isn't she suppost to get the $5000 exemption on her tax?

Lacerte Tax

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Just-Lisa-Now-Answer

Intuit Community Champion

Theres a 250k exclusion per person when you sell your principal residence if youve lived in it for 2 out of the last 5 years...is that what youre asking about?

Research IRC Section 121

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Just-Lisa-Now-

Answer

Intuit Community Champion

Theres a 250k exclusion per person when you sell your principal residence if youve lived in it for 2 out of the last 5 years...is that what youre asking about?

Research IRC Section 121

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

No, I think the question asks about the $5K widow's exemption that was repealed in 1996.

You can't get the message to all of the people, all of the time.

IRonMaN

Level 15

1996 vs 2019 - that's pretty close. Maybe the IRS will let it slide this year. I wonder if they would be better off income averaging (as long as we are opening obsolete tax laws 😉 )

Slava Ukraini!

George4Tacks

Level 15

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

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