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dtfaust
Level 2
April 30, 2020
Solved

Is there income averaging available for a large capital gain on the sale of a second home?

  • April 30, 2020
  • 7 replies
  • 54 views
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    This topic has been closed for replies.
    Best answer by sjrcpa

    No

    7 replies

    sjrcpa
    sjrcpaAnswer
    Level 15
    April 30, 2020

    No

    The more I know the more I don’t know.
      dascpa
      dascpa
      Level 11
      April 30, 2020

      You might be a little behind on your CPE.

      The general 4-year income averaging rule expired in 1986. Currently, income averaging can only be used by farmers and fishermen for their business income and, in some cases, for lump-sum retirement plan distributions.

        IRonMaN
        IRonMaN
        Level 15
        April 30, 2020

        1986?  Time really does fly when you are having fun.

        Can the gain be deferred if another home of equal or greater value is purchased?

        Slava Ukraini!
          dascpa
          dascpa
          Level 11
          April 30, 2020

          That law was repealed in 1997.  Are you SURE you should still be preparing tax returns...........

           

           

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