TCM31
Level 1
11-25-2024
05:52 PM
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Hello,
My client sold his primary residence, received the 1099S, he qualified for the exclusion, and now rents a place. He does not have much income and is not getting the renter refund because the gain is showing up on the M1PR. I'm wondering if that amount can be excluded for his rent refund or if that is just how it goes because MN is like that. Please let me know if you have any infinite wisdom on this!!
Thanks
Tommy
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IRonMaN
Level 15
11-25-2024
06:46 PM
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Minnesota requires an add back on the M1PR for any gain on the sale of a residence excluded on the federal. So I guess I will confirm that it is "just how it goes because MN is like that".
Slava Ukraini!
Level 15
11-26-2024
08:09 AM
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Same in WI 😁