- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
IRS Publication 523 on page 6 describes an Unforeseeable Event such as divorce where you would be eligible for a partial exclusion due to a divorce - https://www.irs.gov/pub/irs-pdf/p523.pdf#page=6
Since you owned the home for 3 months prior to the sale your exclusion would be 3/24 of the $250,000 exclusion or $31,250. If your gain was greater then you would owe capital gains tax on the amount over $31,250.
TurboTax will cover these types of situations when you enter the sale of the home.
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button
Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home