dude7707
Level 5

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?

0 Cheers