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Level 5
July 6, 2022
Solved

Sale of home - exclusion

  • July 6, 2022
  • 2 replies
  • 15 views

Hello,

A client is full-time military and being transferred. He and his spouse have owned and resided in their home for 18 months.

So they don't meet the ownership or use test for the exclusion of gain, would they qualify would he qualify for the exception due to military and change of base station?

TIA

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Best answer by dkh

I think Section B of the Home Sale Worksheet may apply to your client's situation.   See Line 20

2 replies

dkh
dkhAnswer
Level 15
July 6, 2022

I think Section B of the Home Sale Worksheet may apply to your client's situation.   See Line 20

Camp1040
Level 10
July 6, 2022

For a partial exclusion anyway, and with purchase and selling expenses and improvements calculated, the taxable amount hopefully will be manageable.