dompdeguzman
Level 1
05-18-2020
04:48 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I HAVE A CASE THAT MY CLIENTS SOLD THEIR HOUSE OCCUPIED FOR 35 YEARS THEN THE LAST 5 YEARS THEY RENTED IT. AFTER SELLING IT THEY BOUGHT ANOTHER HOUSE WHERE THEY ARE STAYING SAME YEAR. MY QUESTIONS ARE: ARE THEY ENTITLED FOR THE EXCLUSION OF $250,000 EACH? AND HOW ABOUT THE EXCLUSION IN REINVESTING THE SALE OF THE PROPERTY?
I NEED HELP!
THANKS A LOT
Labels
IRonMaN
Level 15
05-18-2020
05:07 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No.
No.
Slava Ukraini!
Accountant-Man
Level 13
05-18-2020
05:48 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No.
No such reinvesting thing unless the rental money went into another rental, and they met all the timing tests.
** I'm still a champion... of the world! Even without The Lounge.
Accountant-Man
Level 13
05-18-2020
06:40 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
FYI, do a little reading. The answer about the $250K each exclusion is in your question.
<<THE LAST 5 YEARS THEY RENTED IT.>>
The exclusion refers to living in it for 24 months out of the last 60 months before selling.
FLUNK!
** I'm still a champion... of the world! Even without The Lounge.
