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HOW IS THIS REPORTED .. CLIENT SOLD HOME AND WILL REPURCHASE IN 2022 OR 2023. HOW IS THIS REPORTED ON 2021 TAXES TO SHOW THE EXCLUSION
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Hi there,
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.
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To answer the question is what I’m seeking not advice on what message board I should be on. I am a tax professional. Thank you
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Theres no deferment of gains for buying another home. That went out back in the 1990's.
Read up on IRC121 exclusion for homeowners, se if they qualify.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Thank you!
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"AND WILL REPURCHASE"
Has nothing to do with any exclusion. There is no Delay in reporting. It either qualifies for exclusion, or it does not. Because this rule changed so many years ago, it isn't clear you are using ProSeries as a professional preparer for this client.
What happens if you fill in the info in the ProSeries program, and let the program handle it? It seems you were expecting something different than what you have?
Don't yell at us; we're volunteers
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<sarcasm font on> A tax professional asking how to report a sale under a law that was changed 24 years ago?
Have you taken any continuing education in the last 2 and a half decades? <sarcasm font off>