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L
LaraMultiservices
Level 3
April 21, 2023
Question

CAN THE SALE OF MAIN HOME GAIN EXCLUSION BE CLAIMED TWICE WITHIN TWO YEARS?

  • April 21, 2023
  • 2 replies
  • 23 views

A CLIENT HAS SOLD TWO OF HIS MAIN HOMES WITHIN THE LAST TWO YEARS, HE LIVED IN BOTH FOR MORE THAN TWO YEARS, ONE SALE WAS REPORTED DURING 2021 AND THE SECOND HOME SALE WAS REPORTED IN 2022. ARE WE ABLE TO CLAIM THE GAIN EXCLUSION FOR HIM AGAIN? 

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2 replies

qbteachmt
qbteachmt
Level 15
April 21, 2023

It sure would be nice if you stopped using all CAPITAL Letters. Thanks.

The IRS tells you what you need to know:

Click this link https://www.irs.gov/publications/p523

Read Eligibility Step 4—Look-Back

Determine whether you meet the look-back requirement.

Don't yell at us; we're volunteers
T
TaxGuyBill
Level 15
April 21, 2023

The second sale would need to be for a qualifying reason (the job, health and unforseen circumstances rules).

*IF* they qualify, based on your post they would seemingly have "Nonqualified Use" on one or both of the homes, so the exclusion would be further prorated on one or both of the homes.

 

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