Qualify for Sec121 for my deceased parent's AZ residential property?

dude7707

Q1: Qualify for Sec121 on AZ residential property in 2024 for my parents who both passed away in 2024?

Q2: RE: ProSeries 2024 1040 - Home sale worksheet - Part II - Did you (or spouse if filing jointly) own and use the property as main home for a total of at least 2 years of the 5-year period?

Facts: Sold AZ property 2.28.24 who are snowbirds.

Purchased WA home 1991 and AZ in 2000.

Voter Registration, WDL, and Federal Tax Return show WA address.

Last 4 years - RE: AZ - Leave in Oct and return in April.

5th Year - Remained at WA home all year due to health conditions.

Both parents did not take any prior Sec121 for the last 5 years.

RE: Q2 - Does the 2-year period have to be consecutive or just be a total of 2 years?

BobKamman

When was it sold? Before or after their death? In any case, I don't see a primary residence.

dude7707

When was it sold? 2.28.24

Before or after their death? Before both parents death.

In any case, I don't see a primary residence. - That is my current opinion also, unless someone sees some other way this could qualify.

Just-Lisa-Now-

"Does the 2-year period have to be consecutive or just be a total of 2 years?"

Not consecutive, its 24 months out of the last 60 months.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Filed Arizona tax returns? "Of course not, that's not our primary residence!"

dude7707

As you state Bob, another reason why the final 2024 1040 for them

cannot take the Sec121 on the AZ property.

dude7707

Thank you, Lisa, that's what I assumed also.