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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- If a client sells a primary home and has capital gains of 1 million, and buys a home for 1.2 million how can I report the purchase to offset the sale?
If a client sells a primary home and has capital gains of 1 million, and buys a home for 1.2 million how can I report the purchase to offset the sale?
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oceansidejan
Level 1
10-06-2022
02:36 PM
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BobKamman
Level 15
10-06-2022
02:51 PM
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You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.
qbteachmt
Level 15
10-06-2022
07:01 PM
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Are you asking about this:
"The only way you can shelter these funds is if you roll over the profit by buying a new house within two years from the day you sell your property. To completely shelter your profit, the new house must be equal to or greater than the value of your current residence."
Because that regulation went bye-bye in 1986.
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