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SALE OF HOME WITH DELAY OF REPORTING LTCAP GAINS

Forum|Forum|4 years ago
March 26, 2022
6 replies
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HOW IS THIS REPORTED .. CLIENT SOLD HOME AND WILL REPURCHASE IN 2022 OR 2023. HOW IS THIS REPORTED ON 2021 TAXES TO SHOW THE EXCLUSION

ProSeries Basic

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Best answer by Just-Lisa-Now-

Theres no deferment of gains for buying another home. That went out back in the 1990's.

Read up on IRC121 exclusion for homeowners, se if they qualify.

BobKamman

Level 15

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

T

TREEDOGAuthor

Level 2

To answer the question is what I’m seeking not advice on what message board I should be on. I am a tax professional. Thank you

J

jeffmcpa2010

Level 10

<sarcasm font on> A tax professional asking how to report a sale under a law that was changed 24 years ago?

Have you taken any continuing education in the last 2 and a half decades? <sarcasm font off>

Just-Lisa-Now-

Answer

Intuit Community Champion

Theres no deferment of gains for buying another home. That went out back in the 1990's.

Read up on IRC121 exclusion for homeowners, se if they qualify.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

TREEDOGAuthor

Level 2

Thank you!

qbteachmt

Level 15

"AND WILL REPURCHASE"

Has nothing to do with any exclusion. There is no Delay in reporting. It either qualifies for exclusion, or it does not. Because this rule changed so many years ago, it isn't clear you are using ProSeries as a professional preparer for this client.

What happens if you fill in the info in the ProSeries program, and let the program handle it? It seems you were expecting something different than what you have?

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