https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/if-you-meet-the-qualifications-to-use-the-exclusion-any/01/643970#M28148 <P></P><P>If you meet the qualifications to use the exclusion, any gain over that amount is a capital gain. The exclusions are $250,000 for single, and $500,000 for married filing jointly. See the rules below.</P> <P> <B>Does Your Home Sale Qualify for Maximum Exclusion</B> </P> <P>The tax code recognizes the importance of home ownership by providing certain tax breaks when you sell your home. To qualify for these breaks, your home must meet the&nbsp;<A rel="nofollow" href="https://www.irs.gov/publications/p523/ar02.html#en_US_2016_publink10008937" target="_blank">Eligibility Test&nbsp;</A>, which is explained later.</P> <P>How your sale qualifies.&nbsp;&nbsp;&nbsp;Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.</P> <UL> <LI>You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.</LI> <LI>You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.</LI> <LI>You didn’t claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.</LI> </UL><BR /><P></P> Thu, 06 Jun 2019 08:24:47 GMT Coleen3 2019-06-06T08:24:47Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/we-sold-our-rental-and-invested-in-a-farm-is-there-any-tax-savings/01/643960#M28146 <P>We sold our rental and primary residence, moved out of state and invested in a farm. Is there any tax savings.&nbsp; </P><BR /> Thu, 06 Jun 2019 08:24:45 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/we-sold-our-rental-and-invested-in-a-farm-is-there-any-tax-savings/01/643960#M28146 danr 2019-06-06T08:24:45Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/if-you-sold-two-houses-a-rental-and-a-personal-you-will/01/643967#M28147 If you sold two houses, a rental and a personal, you will at least have to recapture the depreciation on the rental and possibly pay capital gains on them both. The purchase of a farm is not entered on your return. Thu, 06 Jun 2019 08:24:47 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/if-you-sold-two-houses-a-rental-and-a-personal-you-will/01/643967#M28147 Coleen3 2019-06-06T08:24:47Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/if-you-meet-the-qualifications-to-use-the-exclusion-any/01/643970#M28148 <P></P><P>If you meet the qualifications to use the exclusion, any gain over that amount is a capital gain. The exclusions are $250,000 for single, and $500,000 for married filing jointly. See the rules below.</P> <P> <B>Does Your Home Sale Qualify for Maximum Exclusion</B> </P> <P>The tax code recognizes the importance of home ownership by providing certain tax breaks when you sell your home. To qualify for these breaks, your home must meet the&nbsp;<A rel="nofollow" href="https://www.irs.gov/publications/p523/ar02.html#en_US_2016_publink10008937" target="_blank">Eligibility Test&nbsp;</A>, which is explained later.</P> <P>How your sale qualifies.&nbsp;&nbsp;&nbsp;Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.</P> <UL> <LI>You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.</LI> <LI>You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.</LI> <LI>You didn’t claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.</LI> </UL><BR /><P></P> Thu, 06 Jun 2019 08:24:47 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/if-you-meet-the-qualifications-to-use-the-exclusion-any/01/643970#M28148 Coleen3 2019-06-06T08:24:47Z