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D
dompdeguzman
Level 2
May 18, 2020
Question

home sale

  • May 18, 2020
  • 3 replies
  • 13 views

I HAVE A CASE THAT MY CLIENTS SOLD THEIR HOUSE OCCUPIED FOR 35 YEARS THEN THE LAST 5 YEARS THEY RENTED IT.  AFTER SELLING IT THEY BOUGHT ANOTHER HOUSE WHERE THEY ARE STAYING SAME YEAR.  MY QUESTIONS ARE: ARE THEY ENTITLED FOR THE EXCLUSION OF $250,000 EACH? AND HOW ABOUT THE EXCLUSION IN REINVESTING THE SALE OF THE PROPERTY?

I NEED HELP!

THANKS A LOT

      

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3 replies

IRonMaN
IRonMaN
Level 15
May 18, 2020

No.

No.

 

Slava Ukraini!
    Accountant-Man
    Accountant-Man
    Level 13
    May 18, 2020

    No.

    No such reinvesting thing unless the rental money went into another rental, and they met all the timing tests.

    ** I am "Elevating with Intention!"
      Accountant-Man
      Accountant-Man
      Level 13
      May 18, 2020

      FYI, do a little reading. The answer about the $250K each exclusion is in your question.

      <<THE LAST 5 YEARS THEY RENTED IT.>>

      The exclusion refers to living in it for 24 months out of the last 60 months before selling. 

      FLUNK!

      ** I am "Elevating with Intention!"
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