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Investors & landlords
Also to further clarify I purchased this house when I was on active duty. The reason I left the area was due to the fact I received orders moving me to another duty location. When I entered information as you mention above it appears I am be charged capital gains. I am still an active reservist, and was under the assumption that I would not be charged capital gains due to being in the military. Another response I found online had this question and answer
"It appears that I am paying capital gains tax on the sale of my home. It was my understanding that this would be excluded. We purchased the home in 2006 and began renting the home out in July 2012. We sold the home in July 2015. I am active duty military living in base housing currently. It was my understanding that the sale of the home would not be taxable.
Recommended Answer
You have to sell as a personal home sale and mark "Military" for 'Other reason for sale"."
If I am correct how would I then input correctly so that I do not end up paying the capital gain tax. I want to account for all things correctly.
"It appears that I am paying capital gains tax on the sale of my home. It was my understanding that this would be excluded. We purchased the home in 2006 and began renting the home out in July 2012. We sold the home in July 2015. I am active duty military living in base housing currently. It was my understanding that the sale of the home would not be taxable.
Recommended Answer
You have to sell as a personal home sale and mark "Military" for 'Other reason for sale"."
If I am correct how would I then input correctly so that I do not end up paying the capital gain tax. I want to account for all things correctly.
May 31, 2019
9:25 PM