Can my father claim cap gains exclusions on 2 homes he sold last year?

benny-zito · ‎June 4, 2019

Can my father claim cap gains exclusions on 2 homes he sold last year? He had a home in FL and in NY. He spends 6 months at each. Due to health issues he had to sell both last year and move in with us. His mailing address is the Florida Home, he spent the summers in the NY home. He has owned one property for over 20 years and the other for 9 years

MargaretL · ‎June 4, 2019

No, he cannot. The exclusion is only available for his main home, even if he lived in two. Which one is his main home? It sounds like the FL home is... The most important factor is where he spent the most time. However, other factors can enter the picture as well, such as the address listed on your U.S. Postal Service address, Voter Registration Card, Federal and state tax returns, and Driver's license or car registration.

The second home does not qualify for the exclusion, unfortunately.

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benny-zito · ‎June 4, 2019

i read some tax info about partial exclusions for health reasons but cant really find more details ... is there any exclusions he may qulaify for ?

MargaretL · ‎June 4, 2019

The exclusion that you are referring to applies to the Main home... if you don't owe or lived 2 out of 5 years in the MAIN home, you may qualify for a partial exclusion due to unforeseen circumstances... but again, it is for the main home and not the second home

Can my father claim cap gains exclusions on 2 homes he sold last year?

Deductions & credits

Deductions & credits

Deductions & credits