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Jo97_2
Level 2
June 23, 2023
Question

Does a home have to be located the in U.S. to qualify for eliminating the penalty on form 5329?

  • June 23, 2023
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1 reply

dd4vols
dd4volsIntuit Community Champion
Intuit Community Champion
June 23, 2023

Sales of a Principle Foreign Residence

A principal residence abroad is any property you have lived in for at least two of the last five. When you sell your principal residence, you are eligible for a gain exclusion of $250,000 USD, or $500,000 USD for married principal owners. If you don’t qualify for the gain exclusion, any gain will be considered foreign income and thus eligible for the Foreign Tax Credit. This income is not considered foreign earned income and will not qualify for the  Foreign Earned Income Exclusion. 

 

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