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Selling primary residence that was initially a vacation home
Hi,
We had a vacation home from 1996 thru 2016. At the beginning of 2017, we made it our primary residence, living there full time til we sold it late in 2020. I thought that since we lived in the home over 2 years of the last 5 years, that our gain (gain is less than $500k) wouldn't be taxable but turbo tax is saying a portion IS taxable. It asked us how many days the home was used for a "non qualified purpose" since 2008. So its basically saying that a portion of the gain relates to 2009 - 2016 which would make that portion taxable.
I thought since we lived in the home well over 2 years of the last 5, our gain wouldn't be taxable. Am I entering something incorrectly into turbo tax or is turbo tax set up incorrectly for 2020?
Thanks.
‎April 24, 2021
4:10 PM