Homeowner's exclusion

  • Creator
    Topic
  • September 11, 2013 at 7:09 pm #180415
    Mars2010
    Member

    If the taxpayer rent half of his home and reside in the other half, then he sold the whole home, does the exclusion(exclusion of gain upto 250,000) applied on half the home or whole home or not applied at all ?

    Thanks.

Viewing 8 replies - 1 through 8 (of 8 total)
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  • September 11, 2013 at 9:02 pm #444680
    Anonymous
    Inactive

    The fact that the property was rented does not jeopardize the homeowner's exclusion. As long as the requirements are met (2 years out of the past 5 years as primary residence, own the house) then a $250,000 exclusion for Single taxpayers applies.

    September 11, 2013 at 9:02 pm #444819
    Anonymous
    Inactive

    The fact that the property was rented does not jeopardize the homeowner's exclusion. As long as the requirements are met (2 years out of the past 5 years as primary residence, own the house) then a $250,000 exclusion for Single taxpayers applies.

    September 11, 2013 at 10:14 pm #444682
    Mars2010
    Member

    @Birds CPA

    I'm sorry, but will it apply on the whole home? or only the half of home that has been used ?

    Regards.

    September 11, 2013 at 10:14 pm #444821
    Mars2010
    Member

    @Birds CPA

    I'm sorry, but will it apply on the whole home? or only the half of home that has been used ?

    Regards.

    September 11, 2013 at 10:28 pm #444684
    Anonymous
    Inactive

    Whole home. The fact that it was a rental does not matter in the slightest. As long as the requirements for the exclusion are met, up to $250,000 of gain is not recognized.

    September 11, 2013 at 10:28 pm #444823
    Anonymous
    Inactive

    Whole home. The fact that it was a rental does not matter in the slightest. As long as the requirements for the exclusion are met, up to $250,000 of gain is not recognized.

    September 12, 2013 at 7:03 am #444686
    Mars2010
    Member

    Thanks.

    September 12, 2013 at 7:03 am #444825
    Mars2010
    Member

    Thanks.

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