- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Possibly. The category could be "Other unforseen circumstances" so you'll need to document your reasoning in case it ever comes up.
You'll need to ask yourself and document items like: In your situation did the area have a history of wildfires? If so, was that brought to your attention in the sale? Were there some added unforseen expenses that made your continued ownership/residence challenging? You mentioned "Not safe to live there anymore" is this because the wildfire threat is now on going because something in the area changed? or the past wildfires have changed the property making it more dangerous? For example weakened trees for which the cost to remove or mitigate is too much. Whatever you can think of that shows the property is unaffordable for you based on unforseen circumstances.
Again document and keep for your records with your tax returns.
In the "Wages & Income" section scroll down to "Less Common Income" and use the "Home Sale" topic. Follow the prompts and enter your residence and ownership time as well as cost and sale information. Eventually you will arrive at the area to select a resason for the partial exclusion claim.
**Mark the post that answers your question by clicking on "Mark as Best Answer"