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Get your taxes done using TurboTax
Was the house that was sold your personal residence? Or a rental or investment property? Or a vacation home?
If you sold your primary residence and lived in and owned the home for at least two years in the five year period before the date of sale, you can exclude up to $250,000 of gain.
Properties other than a personal residence have quite different rules.
Things are very slow the the IRS.
I paper-filed a 2018 Federal 1040X in August 2020. It took the IRS over a year to acknowledge receipt of the amended tax return and just recently reported that it has been processed. Still do not have a refund.
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‎January 26, 2022
9:36 AM