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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Does a home have to be located the in U.S. to qualify for eliminating the penalty on form 5329?
Does a home have to be located the in U.S. to qualify for eliminating the penalty on form 5329?
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Jo
Level 1
06-22-2023
08:05 PM
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dd4vols
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06-22-2023
09:21 PM
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Sales of a Principle Foreign Residence
A principal residence abroad is any property you have lived in for at least two of the last five. When you sell your principal residence, you are eligible for a gain exclusion of $250,000 USD, or $500,000 USD for married principal owners. If you don’t qualify for the gain exclusion, any gain will be considered foreign income and thus eligible for the Foreign Tax Credit. This income is not considered foreign earned income and will not qualify for the Foreign Earned Income Exclusion.
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