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I have a client that sold their primary residence in 2020 for a loss. They sold another primary residence back in 2017 but the sale (gain) was never reported on their 2017 return. Pro Series will not accept another 2020 home sale worksheet with a prior year sale. How do I report this transaction in lieu of filing an amendment for 2017?
Any suggestions are appreciated.
Thank you!
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Was there a TAXABLE gain for the 2017 home? Or was all of the gain eligible for the $250,000/$500,000 exclusion?
If the entire gain was eligible to be excluded, there was no need to report the sale on the Federal return.
If there was a taxable gain, then 2017 should be amended to report that gain.
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"They sold another primary residence back in 2017"
Were these owned consecutively or concurrently? They cannot both be primary if they existed at the same time or overlapped.
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