- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
@manchotroyal wrote:since my husband now has a new job over 50 miles away,
*IF* the other home qualified, there may not be a need to amend. The 50-mile rule means you can claim the exclusion again on this other home. However, the maximum exclusion amount would be reduced, so depending on the amount of the gain, the exclusion may or may not eliminate the entire amount of gain.
However, if the previously sold home was your Principal Residence for a while, that means that this home that is about to be sold was NOT your Principal Residence the entire time you owned it. That means your exclusion will be prorated on this home, based on the number of days it was your Principal Residence compared to the number of days you owned it.
‎July 29, 2023
2:40 PM