Level 2

Exclusion of gain on sale of residence

Forum|Forum|2 years ago
July 8, 2023
2 replies
17 views

Question: Does home sale qualify for a Partial Exclusion of Gain for a work related move?

Details: Sam is active duty military and purchased a home in southern Florida on 21 NOV 2017 and lived there until it was rented out on 01 NOV 2019. Sam left the area due to PCS orders to Tennessee. The home remained a rental property until it was sold on SEP 2023. Does Sam qualify for the partial exclusion of gain due to the PCS?

- Total Residence Time: 710 Days

- Total Ownership Time: 5 years, 9 months, 11 days excluding the end date

- Distance between work location and home >>>>>>50 Miles than old location

Thanks a bunch!!!

This topic has been closed for replies.

T

TaxGuyBill

Level 15

Yes, it seems to qualify for the "Reduced Maximum Exclusion".

BobKamman

Level 15

Final exam this year is a take-home test?

S

SpartanHawkAuthor

Level 2

That would be a welcome scenario:-)

My concern is that our decision to rent the home after we PCS'd is a disqualifying factor for the partial exclusion. There's language regarding the "main reason" was a change in workplace location, health, or unforeseeable event.

I have a couple of other life event occurring simultaneously (divorce, retirement planning, etc) and just need this to go smoothly and not get rocked with a huge tax hit.

Again...appreciate the assist!

BobKamman

Level 15

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded