turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Buy house 1 in 08/10 ,built 2 in 12/13. sold 1 in12/16 gain 100K . past 5 years 08/10.-12/16 lived in house 1 for 2 years claim the exception. sold 2 in 07/17 gain 150K

buy house 1 in 08/10 ,built house 2 and moved in 12/13.  sold house 1 in12/16  gain 100K . past 5 years ( 08/10.-12/16) had lived in house 1 for 2 years , so I claim the exception .  I sold house 2 in 07/17  gain 150K ,I have lived in house 2 for more than 2 years in the past 5 years . Can I claim the exception of $500K gain again ?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Buy house 1 in 08/10 ,built 2 in 12/13. sold 1 in12/16 gain 100K . past 5 years 08/10.-12/16 lived in house 1 for 2 years claim the exception. sold 2 in 07/17 gain 150K

If you meet all the requirements for the exclusion, you can take the $250,000/$500,000 exclusion any number of times. But you may not use it more than once every two years.

https://www.nolo.com/legal-encyclopedia/the-250000500000-home-sale-tax-exclusion.html

View solution in original post

1 Reply

Buy house 1 in 08/10 ,built 2 in 12/13. sold 1 in12/16 gain 100K . past 5 years 08/10.-12/16 lived in house 1 for 2 years claim the exception. sold 2 in 07/17 gain 150K

If you meet all the requirements for the exclusion, you can take the $250,000/$500,000 exclusion any number of times. But you may not use it more than once every two years.

https://www.nolo.com/legal-encyclopedia/the-250000500000-home-sale-tax-exclusion.html

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies