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Does premier online allow members of the military to claim the exemption from the two-year use requirement (for capital gains purposes) when selling a home?

 
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Does premier online allow members of the military to claim the exemption from the two-year use requirement (for capital gains purposes) when selling a home?

If you indicated in the Personal Info section for your name that you are active duty military, the Sale of Home section will ask about the exception when selling without meeting the two year residency requirement in the prior 5 years from the date of sale.

See IRS Publication 523 Selling Your Home, page 6 - https://www.irs.gov/pub/irs-pdf/p523.pdf#page=6

Active-duty military, foreign service, and intelligence community members may be able to use more than five years to live in the home for 24 months. If you meet certain requirements , you can accumulate the time you lived in the home over up to a 15-year period

In the Sale of Home section on the screen Reason for Sale select Other and continue.  On the following screen Other Reasons for Sale select Military, foreign service, intelligence community employee, Peace Corps and continue.  Continue with the interview until completed.

To enter a home sale -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen.  Click on Jump to sale of home

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Does premier online allow members of the military to claim the exemption from the two-year use requirement (for capital gains purposes) when selling a home?

If you indicated in the Personal Info section for your name that you are active duty military, the Sale of Home section will ask about the exception when selling without meeting the two year residency requirement in the prior 5 years from the date of sale.

See IRS Publication 523 Selling Your Home, page 6 - https://www.irs.gov/pub/irs-pdf/p523.pdf#page=6

Active-duty military, foreign service, and intelligence community members may be able to use more than five years to live in the home for 24 months. If you meet certain requirements , you can accumulate the time you lived in the home over up to a 15-year period

In the Sale of Home section on the screen Reason for Sale select Other and continue.  On the following screen Other Reasons for Sale select Military, foreign service, intelligence community employee, Peace Corps and continue.  Continue with the interview until completed.

To enter a home sale -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen.  Click on Jump to sale of home

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