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moonpetty58
Level 4
February 27, 2022
Solved

Deceased T/P Sale of Residence

  • February 27, 2022
  • 6 replies
  • 19 views

Can a deceased t/p use the first time gain exclusion on sale of residence?

Sold home 03-21.

Died 04-21

 

This topic has been closed for replies.
Best answer by sjrcpa

Yes if he qualified on the sale date.

6 replies

dascpa
dascpa
Level 11
February 27, 2022

Without quoting law I would say of course.  Final individual return and estate or fiduciary returns are separate items and obviously separate dates.

    jeffmcpa2010
    Level 10
    February 27, 2022

    Edited.

    Didn't see the dates when I first answered.

    If the home sale closed 3-21. before death, his qualification for the exclusion would be the same if anyone else.

    dascpa
    dascpa
    Level 11
    February 27, 2022

    Look at the dates.  It was sold before he died.

    sjrcpa
    sjrcpaAnswer
    Level 15
    February 27, 2022

    Yes if he qualified on the sale date.

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