walkertax
Level 1
a month ago
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When i enter the sale of a home I'm not getting the $500,000 (MFJ) exclusion and it's showing a capital gains tax. here are the details:
Home acquired: 1/6/16
Home sold: 08/15/24
Rented from 6/23 to 8/24 but otherwise it was the sellers' primary residence.
shouldn't proconnect take all the prior numbers (depreciation etc) and calculate that and the $500,00 exclusion?
Any help is much appreciated - it's driving me crazy!
Janet
walkertax
Level 1
4 weeks ago
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very helpful - thank you!
Accountant-Man
Level 13
4 weeks ago
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Owned residence 103 months, rented 14 months, 13.59% of the gain possibly taxable PLUS the depreciation recapture.
** I'm still a champion... of the world! Even without The Lounge.
George4Tacks
Level 15
4 weeks ago
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Hopefully this article gets you where you need to be:
Answers are easy. Questions are hard!
