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My client bought their primary home on 04/05/2013, lived there until 07/01/2017, moved out and rented the home starting 07/01/2017, sold the house on 4/21/2022 for a net gain of $320,000. Can they claim the capital gain Exclusion? He lived at the house more than 2 years and owned the house for more than 5 years.
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The exclusion says 2 of the last five years. Even using the new math they teach in school these days I think you are going to have a hard time getting there.
Slava Ukraini!
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That's the price they pay when they don't talk to a tax accountant or at least do some proper research BEFORE taking a decision. You can't turn back time, not unless... Forget it! Heard from the market it's hard to get your hands on a Delorean these days.
Still an AllStar
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The DeLorean is easy as long as you are willing to pay the asking price. It's finding the flux capacitor that is going to cause some problems.
Slava Ukraini!
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I suppose the tax on the gain just won't quite cut it to be worth the cost. But that could be an investment for future "returns". 😂
Still an AllStar
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"future" or "past" returns?
That DeLorean and the flux capacitor can take ya' both directions 🙂
