DaveF1006
Expert Alumni

Get your taxes done using TurboTax

It depends. According to the IRS, the look-back requirement states that if you didn't sell another home during the 2-year period before the date of sale you meet the look-back requirement. in your case however, if you sell the home in February of 2022, you will not be able to exclude your home from capital gains.  

 

My suggestion is to wait until May of 2022 to sell your home. Please look at the look-back requirement in the following IRS publication for further details under Eligibility Step 4—Look-Back. 

 

I mentioned in my earlier post that you can amend a return by changing your filing status from Married Filing Jointly to Married Filing Separately. Critter3 is correct stating that this cannot be done once the return has been electronically filed with the IRS. I just wanted to clarify this point. 

 

[ Edited 12/29/21| 11:40 AM PST]

 

@josefmyers267

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