We bought our home in July 2011 and had to move due to military orders in June 2014 (therefore we lived in the home as our primary residence for 3 years). I continued on active duty stationed more than 50 miles from the home until I retired in October 2022 (therefore suspending the 5 year test period of ownership and residence for 8 years and 4 months). We sold the home in July 2023 (9 months under the regular rules for 5 year test period of ownership and residence).
The home was used as a rental from June 2014 until June 2023.
Should we have a "Gain on the Sale of Home Exclusion"? If so, how do I ensure that the program reflects that correctly?
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You will qualify for an exclusion on the gain on the sale of your principle residence (up to 500,000 for joint filers) under the suspension for military service exception. However, the property was a rental for 2014-2023 and the depreciation you could have taken over those years is not part of that exclusion.
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