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TP moved out of state for new job in 2016 and never lived in the property again. I don't think TP qualifies for partial exclusion because TP fails the 2 of 5 years use and residence test. The way I read the regs is that the TP would have had to sell by 3/1/2019 to be eligible for full exclusion. Please confirm. Regardless of exclusion eligibility, TP must recapture deprecation. Is there any trick to entering this transaction in Lacerte? Thank you.
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It is pretty straight forward. You should be able to find what you need here https://accountants-community.intuit.com/articles/1861452-reporting-a-sale-of-home-on-an-individual-...
Sounds like you may also need to do a return for the state the property is in.
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https://accountants-community.intuit.com/articles/1857451-individual-1040-sale-of-property-used-as-a...
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Answers are easy. Questions are hard!