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.
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.
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.
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". 😂
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