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Home Sale Exclusion with Unforseen Circumstances

Level 1


I'm married, filed jointly, and we had not used the home sale exclusion.

We had been living in our primary residence for 3 years when our home was impacted by a landslide and all neighbors impacted sued each other to have insurance liability kick in to get it remediated. The good news was, we could still occupy the home. Then I got offered a job out of state that same year. 

When offered the job, I wanted to sell the home, but couldn't because of the landslide and the pending lawsuits amongst the insurance carriers. We also could not rent it out because no tenant wanted to live in the home because of the landslide and lawsuit. Fast forward 5 years, the landslide and our home has been fixed and we now want to sell our home. 

When we sell our home, would we be able to request the full exclusion amount of $500K under the unforseen circumstances rule? If so, how do I go about doing this? 

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2 Comments 2
Level 8

This is a forum for tax professionals, it's not meant for individuals to simply ask questions.  With that said, look into the specifics behind the exclusion.  You can easily Google that information and that should provide some guidance.  Ultimately, it would make the most sense to seek counsel from a tax professional.  Good luck!

Level 15

Are you using ProSeries software? Or are you using TurboTax? Or, even if not using Turbo Tax, they have a community for what you asked and for other topics. You seem to be lost on the internet.

You’ve come to a Peer User community for Intuit Income Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte Tax Preparation programs, and you may be looking for support as an individual taxpayer using TurboTax. Please visit the TurboTax Help site for support.

And try this screen, for the various topics (subforums): https://ttlc.intuit.com/community/discussions/discussion/03/302

Your sign in user info here is the same one you can use over at the TurboTax forum.



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