sale of a personal resident and the excusion

tmdcpa

I have a client that sold her house in 2024. She can take the exclusion of $250,000 but ProConnect does not show a worksheet.

Can someone help me to entry the correct information.

thank you

mgs5141

Thank you for you question. I am having the same question and don't find any help on this issue.

My client sold his resident and wants to use the capital gain for his new home at a later year.

sjrcpa

"and wants to use the capital gain for his new home at a later year."

Huh?

The sale qualifies for the $250K/500K exclusion or it doesn't.

Buying another house later in the year is irrelevant.

The more I know the more I don’t know.

IRonMaN

I don't know, but I'm waiting for my spin so I can have Vanna turn over the missing "l".

But as to the question, I don't think you really need a worksheet to report the exclusion.

Slava Ukraini!

qbteachmt

@mgs5141

"and wants to use the capital gain for his new home at a later year."

That provision for personal residences changed in the late 1990s. Now they would see if they are eligible for the exclusion (section 121).

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