can you postpone a gain on your home if you bought a new one the same day.

Forum|Forum|1 year ago
February 22, 2025
5 replies
14 views

client sold a home and made again BUT at the same time bought another new home. Can you still roll the gain into the new home or have to claim it on the first home if over the allowed amount to exclude.

ProSeries Professional

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IRonMaN

Level 15

That rule changed years ago. You have to determine if they qualify for the 2 out of 5 year rule.

Slava Ukraini!

F

Frustrated-in-IL

Level 8

Scratching my head…seriously?

IRonMaN

Level 15

I heard too much Fireball will do that to you. 😉

Slava Ukraini!

Just-Lisa-Now-

Intuit Community Champion

If you had a time machine to go back before1997 you could, but otherwise youre stuck with the IRC121

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

shf1957Author

Level 6

Thank you everyone but this was once possible YEARS ago.. but not any longer... unless it's for investment etc.... not a personal home... Thank you though for all your help.