- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Both primary residences were consecutively lived in for 2 years out of the last five before they were rented out. They both sold in the same year. Is it OK to claim the $250 forgiveness for qualified primary residence for both in the same tax year (the gain for both together was $150K).
Best Answer Click here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
From the IRS:
"Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule."
Don't yell at us; we're volunteers
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If married and they actually lived in two separate residences, filed that way, drivers' licenses, etc,., then yes, two exclusions.
It might be tough to prove, though.
