Exclusion of gain on sale of residence

[SpartanHawk]

Question: Does home sale qualify for a Partial Exclusion of Gain for a work related move?

Details: Sam is active duty military and purchased a home in southern Florida on 21 NOV 2017 and lived there until it was rented out on 01 NOV 2019.  Sam left the area due to PCS orders to Tennessee.  The home remained a rental property until it was sold on SEP 2023.  Does Sam qualify for the partial exclusion of gain due to the PCS?

- Total Residence Time: 710 Days

- Total Ownership Time: 5 years, 9 months, 11 days excluding the end date

- Distance between work location and home >>>>>>50 Miles than old location

Thanks a bunch!!!

[TaxGuyBill]

Yes, it seems to qualify for the "Reduced Maximum Exclusion".

[BobKamman]

Final exam this year is a take-home test?

[SpartanHawk]

That would be a welcome scenario:-)  

My concern is that our decision to rent the home after we PCS'd is a disqualifying factor for the partial exclusion.  There's language regarding the "main reason"  was a change in workplace location, health, or unforeseeable event.

I have a couple of other life event occurring simultaneously (divorce, retirement planning, etc) and just need this to go smoothly and not get rocked with a huge tax hit.

Again...appreciate the assist!

[BobKamman]

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.

[qbteachmt]

"until it was sold on SEP 2023"

Uh, no. That's tax planning, since it hasn't happened yet.

"Again...appreciate the assist!"

You don't seem to be using the software in use by this community, though.

"I have a couple of other life event occurring simultaneously (divorce, retirement planning, etc) and just need this to go smoothly and not get rocked with a huge tax hit."

You don't bring these personal issues to the internet. That's why you should get expert tax guidance in person. Not from an internet community. You don't even seem to know where you landed on the internet.

[SpartanHawk]

QB...I was simply attempting to make the point that this was not a "take home exam" as asserted by Bob. 

My thought was that those other life events, which have clearly aggrieved you, may fall in the category of unforeseen events and be relevant to the conversation of partial exclusion.    

Regardless, your point that this community is only for tax professionals is well-received.  I was not tracking that this forum is not open to supporting the average consumer (i.e. general population) like myself.

You'll be happy to know that I've scheduled a sit-down with my advisor next week so feel free to breeze past this conversation...I would hate to consume your time with an issue that's not befitting your status in the tax community.

Cheers,

Spartan

[qbteachmt]

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. 

This specific fork of this specific community is tax topics as relates to tax prep for clients. Not for personal tax advice. Intuit provides a user community at the TurboTax Help site for that personal type of 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.

Thanks.

You'll get better guidance from someone you work with personally, of course.