Sale of Primary Home Exclusion Question

[reliable]

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. 

[IRonMaN]

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.

[itonewbie]

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.

[IRonMaN]

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.

[itonewbie]

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". 😂

[abctax55]

"future" or "past" returns?

That DeLorean and the flux capacitor can take ya' both directions 🙂