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Deductions & credits
You qualify for a partial exclusion, based on whichever time period is shortest:
1. How long you owned the home.
2. How long you lived in the home as your main home.
3. How long since you last used the exclusion.
Turbotax includes this calculation.
See publication 523 for more information.
https://www.irs.gov/forms-pubs/about-publication-523
Any gain over the partial exclusion amount is a taxable capital gain, short-term in this case.
‎September 5, 2023
12:00 PM
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