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TCM31
Level 1
November 25, 2024
Question

1099S INCOME EXCLUSION FOR MN RENTER REFUND M1PR

  • November 25, 2024
  • 1 reply
  • 11 views

Hello,

My client sold his primary residence, received the 1099S, he qualified for the exclusion, and now rents a place. He does not have much income and is not getting the renter refund because the gain is showing up on the M1PR. I'm wondering if that amount can be excluded for his rent refund or if that is just how it goes because MN is like that. Please let me know if you have any infinite wisdom on this!!

Thanks

Tommy

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1 reply

IRonMaN
IRonMaN
Level 15
November 26, 2024

Minnesota requires an add back on the M1PR for any gain on the sale of a residence excluded on the federal.  So I guess I will confirm that it is "just how it goes because MN is like that". 

Slava Ukraini!
    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    November 26, 2024

    Same in WI 😁

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