I am confused by the scenario of selling a home, seller financed for a family member.
The sale is of a Main Home, first time sale and meets the criteria below.
However, the next question in TT is the Installment Sales info.
I'm confused as to what info is to be entered, since the first question scenario was met as a Main Home, first time sale and the exclusion criteria is met.
Please advise,
Thank you, Julie J
*To claim the exclusion, you must meet the ownership, use, and timing tests.
Ownership: You must have owned the home for at least two years during the five years prior to the sale of your sale. It does not have to be continuous.
Use: You must have used the home you are selling as your principal residence for at least two of the five years prior to the date of sale. This means that during the 5-year period ending on the date of the sale, you must have, owned and occupied the principal residence for at least two years.
Timing: You cannot have excluded the gain on the sale of another home within two years prior to the sale.
