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R
reliable11
Level 2
March 3, 2023

Sale of Primary Home Exclusion Question

  • March 3, 2023
  • 1 reply
  • 18 views

My client bought their primary home on 04/05/2013, lived there until 07/01/2017, moved out and rented the home starting 07/01/2017, sold the house on 4/21/2022 for a net gain of $320,000. Can they claim the capital gain Exclusion? He lived at the house more than 2 years and owned the house for more than 5 years. 

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1 reply

IRonMaN
IRonMaN
Level 15
March 4, 2023

The exclusion says 2 of the last five years.  Even using the new math they teach in school these days I think you are going to have a hard time getting there.

Slava Ukraini!
    itonewbie
    itonewbie
    Level 15
    March 4, 2023

    That's the price they pay when they don't talk to a tax accountant or at least do some proper research BEFORE taking a decision.  You can't turn back time, not unless... Forget it!  Heard from the market it's hard to get your hands on a Delorean these days.

    ---------------------------------------------------------------------------------Still an AllStar
      IRonMaN
      IRonMaN
      Level 15
      March 4, 2023

      The DeLorean is easy as long as you are willing to pay the asking price.  It's finding the flux capacitor that is going to cause some problems.

      Slava Ukraini!
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