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capital gains deduction for primary residence
We sold our interest in a trust which included our primary residence. The trust was transferred to us in 2019 upon the passing of our father, and we lived there until we sold our portion in April of 2023 and moved to Arizona. We received a K-1 form for the sale of our interest in the trust and notice a capital gains tax.
Do we qualify to take the capital gains deduction for having lived on the property more than 2 years prior to our selling? And where do we take the deduction in Turbotax?
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‎April 11, 2024
11:11 AM